Elan Issues Response to Royalty Pharma Bid, Tells Holders to Take No Action

The Board of Elan Corporation, plc (NYSE: ELN) (Elan) notes today'sannouncement regarding the revised offer by Echo Pharma Acquisition Limited(“Royalty Pharma”) to acquire Elan's shares under Rule 2.5 of the IrishTakeover Rules.The Board of Elan will, as before, in line with its obligations under IrishTakeover law, assess the Royalty Pharma announcement and will advise itsshareholders accordingly. In the meantime, Elan shareholders are stronglyadvised to take no action in relation to the Royalty Pharma offer.The Directors of Elan accept responsibility for the information contained inthis announcement. To the best of their knowledge and belief (having taken allreasonable care to ensure such is the case), the information contained in thisannouncement is in accordance with the facts and does not omit anything likelyto affect the import of such information.Any holder of 1% or more of any class of relevant securities of Elan or ofRoyalty Pharma may have disclosure obligations under Rule 8.3 of the IrishTakeover Panel Act, 1997, Takeover Rules 2007 (as amended).