Elan Shareholders did Not Approve Theravance, AOP, LND005 Transactions

Elan Corporation, plc

(Elan or the Company) announces that, at its Extraordinary General Meeting held earlier today, shareholders approved the Share Repurchase Program. Shareholders did not approve the Theravance Transaction, the AOP Transaction or the ELND005 Transaction. As shareholders have approved the Share Repurchase Program, and in accordance with the terms of the Royalty Pharma Offer, the Royalty Pharma Offer has now lapsed*. As announced on June 14, 2013, Elan has now initiated a formal sale process. Royalty Pharma has been invited to participate in that process and to bring forward a new offer should it so desire.