Elan Corporation PLC

Elan Corporation, plc today announced that it is retaining NanoSystems, Elan's
drug delivery business based in King of Prussia, Pennsylvania; Elan's drug
delivery business and operations located in Gainesville, Georgia; and Elan's
U.S. acute care business, which includes the hospital care products Maxipime(TM)
and Azactam(TM). Elan believes that these businesses are value generating and
provide opportunities for revenue growth and key technological capabilities.

Kelly Martin, Elan President and Chief Executive Officer, said, "As we enter the
final stages of our recovery plan, retaining these profitable businesses gives
us strategic flexibility and the opportunity to optimize their value moving
forward."

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.

This document contains forward-looking statements about Elan's financial
condition, results of operations and business prospects that involve substantial
risks and uncertainties. You can identify these statements by the fact that they
use words such as "anticipate", "estimate", "project", "envisage", "intend",
"plan", "believe" and other words and terms of similar meaning in connection
with any discussion of future operating or financial performance or events.
Among the factors that could cause actual results to differ materially from
those described herein are the following: the outcome of Elan's recovery plan
and its ability to maintain flexibility and maintain sufficient cash, liquid
resources, and investments and other assets capable of being monetized to meet
its liquidity requirements; the outcome of the ongoing SEC investigation and the
shareholder and other pending litigation; the success of research and
development activities and the speed with which regulatory authorizations and
product launches may be achieved; competitive developments affecting Elan's
current products; the ability to successfully market both new and existing
products; difficulties or delays in manufacturing; the ability to meet generic
and branded competition after the expiration of Elan's patents; the trend
towards managed care and health care cost containment; possible legislation
affecting pharmaceutical pricing; exposure to product liability and other types
of lawsuits; Elan's ability to protect its intellectual property; interest rate
and foreign currency exchange rate fluctuations; governmental laws and
regulations affecting domestic and foreign operations, including tax
obligations; general changes in U.S. and Irish generally accepted accounting
principles; growth in costs and expenses; changes in product mix; and the impact
of acquisitions, divestitures, restructurings, product withdrawals and other
unusual items. A further list and description of these risks, uncertainties and
other matters can be found in Elan's Annual Report on Form 20-F for the fiscal
year ended December 31, 2002, and in its Reports of Foreign Issuer on Form 6-K.
Elan assumes no obligation to update any forward-looking statements, whether as
a result of new information, future events or otherwise.

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