Elan Board Rejects Royalty Pharma's Revised Tender Offer

Elan Corporation, plc

(Elan or the Company) 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 rejected the revised bid from privately held investment firm Royalty Pharma, through its subsidiary Echo Pharma Acquisition Limited (Royalty Pharma), to acquire all of the shares of Elan for $13.00 plus up to an additional $2.50 per share in contingent value rights (CVR). The value gap between the underlying value of Elan plc and the totality of its business platform and the Royalty Pharma/Echo bid remains significant and the $13.00 cash and $2.50 CVR structure continues to be wholly inadequate for Elan shareholders. The