Elan Corporation

DUBLIN, Ireland--(BUSINESS WIRE)--Nov. 20, 2003--Elan Corporation, plc (NYSE: ELN) ("Elan") today announced the completion of the purchase of royalty rights in respect of Zonegran(TM), Frova(TM) and Zanaflex(TM) from Pharma Operating Ltd., a wholly owned subsidiary of Pharma Marketing Ltd. ("Pharma Marketing"), for $99.6 million. As a result, no further royalty payments will be made to Pharma Marketing and all of Elan's agreements with Pharma Marketing were terminated. As previously announced, this transaction will result in a charge of $99.6 million in the fourth quarter of 2003.

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 shares trade on the New York, London and Dublin Stock Exchanges

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

SOURCE: Elan Corporation