Elan's Board Rejects Royalty Pharma's Unsolicited Tender Offer

Elan Corporation, plc

(Elan) today announced that its Board of Directors, after careful review and consideration and with the assistance of its executive management team as well as outside financial and legal advisors, has determined that privately held investment firm Royalty Pharma's offer, through its shell subsidiary Echo Pharma Acquisition Limited, to acquire all of the shares of Elan for $11.25 or less per share, substantially undervalues the company. Commenting specifically, Mr. Robert A. Ingram, Chairman of Elan Corporation, plc, added, “The offer from Royalty Pharma grossly undervalues Elan's current business platform and our future prospects. As a result the Board unanimously and without reservation rejected the offer.”