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

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