Royalty Pharma Issues Statement on Elan Suits, Says Vote 'AGAINST' Elan's Proposed Resolutions

Royalty Pharma announced today that on Tuesday, June 4, 2013, Elan

withdrew a lawsuit it had filed on an emergency basis only the previous day.  Elan's suit, filed on Monday, June 3, 2013, a public holiday in Ireland, without giving Royalty Pharma notice or an opportunity to respond, sought an emergency order from the Irish High Court on the basis that Elan had been unable to contact the Panel, this despite the fact that Royalty Pharma itself had been in regular communication with the Panel over the holiday weekend who had helpfully made itself available as it has on a number of occasions on this matter.  On the basis of these statements by Elan, the court granted Elan relief for one day in order to give Royalty Pharma an opportunity to respond.  When it became apparent in the High Court at the hearing on Tuesday, June 4, 2013, that claims brought by Elan were either already being considered by the Panel or were matters that should first be brought to the Panel, Elan withdrew its entire suit as the Panel was clearly the appropriate body to consider the matter. Elan filed another suit on Monday, June 3, 2013, against Royalty Pharma in the U.S. District Court for the Southern District of New York challenging Royalty Pharma's offer for Elan shares.  The complaint alleges, among other things, that the offer is unfair and financially inadequate, that Royalty Pharma's tender offer documents contain material misstatements and omissions, and seeks declaratory and injunctive relief to prevent or delay Royalty Pharma from proceeding with the tender offer.  Following oral argument, the court set a hearing date of June 11, 2013 to consider Elan's request for a preliminary injunction and is expected to rule on the matter prior to the June 17 EGM.  The court also entered an order ordering expedited discovery and prohibiting Royalty Pharma from "consummating or closing" the Increased Offer prior to the resolution of the matter.  Royalty Pharma believes that the action is entirely without merit and it intends to oppose it vigorously. The actions above demonstrate the lengths the Elan Board of Directors and management are willing to go, in what Royalty Pharma believes is an effort to deny Elan shareholders an opportunity to even consider Royalty Pharma's offer.  Royalty Pharma believes that the Elan Board's behavior in filing these lawsuits is deplorable. Vote "AGAINST" each of Elan's proposed resolutions