Royalty Pharma Issues Update on Offer For Elan

Following its announcement on 7 June 2013, Echo Pharma Acquisition Limited ("Royalty Pharma") has today issued a further revised offer document dated 10 June 2013 (the "Further Revised Offer Document"). In the Further Revised Offer Document, Royalty Pharma confirms the Offer Price for Elan Corporation, plc

set forth in its Rule 2.5 Announcement of 7 June 2013 (please see the Further Revised Offer Document for details). The Offer Price comprises $13.00 per share in cash plus a contingent value right ("CVR") worth up to $2.50 per share upon the achievement of certain CVR Payment Events. The CVR, based on feedback from Elan Stockholders, enables participation in any future upside of Tysabri including approval in secondary progressive multiple sclerosis and the achievement of certain sales milestones that are detailed further in the Further Revised Offer Document. The Further Revised Offer Document which contains, amongst other things, the full terms of, and the conditions to, the Offer is being posted to Elan Shareholders today together with the Further Revised Form of Acceptance and will be available at www.royaltypharma.com. The Offer will remain open for acceptance until 1:00 p.m. (Irish time) / 8:00 a.m. (New York City time)