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Market Overview

Elan ADS Holders Vote Against Theravance, AOP Transactions


;Royalty Pharma today announces that as of 3:00 pm EDT on Thursday, June 13, 2013 holders of approximately 311 million Elan ADSs, representing more than 81% of the Elan ADSs held in street name, had voted on the Elan Corporation, plc (NYSE: ELN) proposals through Broadridge.  Based on a review of those votes:

A sufficient number of these ADSs have been voted AGAINST both the Theravance Transaction and the AOP Transaction such that Royalty Pharma is confident that those proposals will not pass at Elan's June 17 EGM.
A narrow majority of these ADSs have been voted AGAINST the ELND005 Transaction.
A narrow majority of these ADSs have been voted FOR the Share Repurchase Program but this majority can be overturned by a sufficient vote by ordinary shareholders.
The Irish Takeover Panel is requiring Royalty Pharma to lapse (withdraw) its Further Increased Offer even if only the Share Repurchase Program or the ELND005 Transaction is approved at the Elan EGM on 17 June 2013.  Because it does not

See full press release


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