Elan Corporation

DUBLIN, Ireland, Feb 16, 2004 (BUSINESS WIRE) -- Elan Corporation, plc today announced that Seamus C. Mulligan, executive vice president, business and corporate development, is leaving the company upon the successful completion of its recovery plan. Mr. Mulligan is leaving to actively pursue other opportunities within the pharmaceutical industry. 

Mr. Mulligan, who joined Elan in 1984, managed the Elan Enterprises business unit since July 2002, when the company announced a recovery plan to restructure its businesses, assets and balance sheet. Mr. Mulligan played a pivotal leadership role in executing this plan, with responsibility for the company's asset divestitures and joint venture restructurings. The recovery plan resulted in divestiture proceeds of more than $2 billion, $500 million ahead of the announced target of $1.5 billion. Elan announced the successful conclusion of the plan and the end of operations for its Elan Enterprises business unit last week. 

Kelly Martin, Elan president and CEO, commented, "We appreciate Seamus's many contributions and devotion to Elan, especially in the last 20 months, and wish him well in his future endeavours." 

About Elan 

Elan is focused on the discovery, development, manufacturing, sale and marketing of novel therapeutic products in neurology, severe pain and autoimmune diseases. Elan (NYSE: ELN) shares trade on the New York, London and Dublin Stock Exchanges. 

SOURCE: Elan Corporation 

Investors:
Emer Reynolds, 353-1-709-4000
800-252-3526
or:
Media:
Anita Kawatra, 212-407-5755
800-252-3526