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

Elan Corporation, plc (NYSE:ELN) ("Elan") announced today that it has
completed the offering and sale of $460 million in aggregate principal
amount of 6.50% Convertible Guaranteed Notes due 2008 (the "Notes")
issued by Elan Capital Corp., Ltd., a wholly-owned subsidiary of Elan,
and guaranteed by Elan. The offering and sale of the Notes was made
outside the United States to non-U.S. persons in reliance on
Regulation S under the Securities Act of 1933, as amended (the
"Securities Act").

The Notes, the guarantee of the Notes and the shares to be issued upon
conversion of the Notes have not been and will not be registered under
the Securities Act and, unless so registered, may not be offered, sold
or distributed within the United States or to U.S. persons (as defined
in Regulation S under the Securities Act) except pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act.

This release does not constitute an offer to sell or the solicitation
of an offer to buy any Notes.

In the United Kingdom, this announcement, in so far as it constitutes
an invitation or inducement to participate in the offering, is
directed exclusively at persons who fall within article 19 or 49 of
the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2001 (all such persons together being referred to as "relevant
persons"). This announcement, in so far as it constitutes an
invitation or inducement to participate in the offering, must not be
acted on or relied on by persons who are not relevant persons. The
securities referred to in this announcement will be issued only to
relevant persons. Stabilisation/FSA.

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
Irish Stock Exchanges.