Elan Provides Additional Commentary on Elan/Theravance Royalty Participation Agreement

DUBLIN--(BUSINESS WIRE)--Elan Corporation, plc (NYSE: ELN) (Elan) provides additional commentary on today’s royalty participation agreement announcement between Elan and Theravance. As announced, Elan will make a one-time cash payment of $1.0 billion to Theravance in exchange for a 21% participation interest in the potential future royalty payments from four respiratory programs Theravance has partnered with GlaxoSmithKline plc (GSK) when, as and if received by Theravance. For more information on this transaction you can access the joint press release along with an Elan corporate presentation at www.elan.com.