Elan Corporation PLC

Elan Corporation, plc today announced four transactions collectively
representing additional proceeds of approximately $70 million. The transactions
are:

    --  The sale of the company's San Diego office property and the completion
        of a multi-year rental agreement with the new owner

    --  The sale, subject to certain closing conditions, of Elan Pharma S.A., a
        manufacturing and research and development business based in Mezzovico,
        Switzerland, to affiliates of a U.S. investment banking firm, Sanders
        Morris Harris, together with the associated fast-melt and effervescent
        intellectual property

    --  The sale of the company's Segix Italia manufacturing business, based in
        Pomezia, Italy, to a management buyout team

    --  The receipt of a $25 million milestone payment, pursuant to a previously
        announced term of the amended transaction agreement between Elan and
        King Pharmaceuticals, Inc. that was contingent upon ongoing patent
        exclusivity for Skelaxin(TM) (metaxalone).

Elan President and CEO Kelly Martin said, "These transactions are consistent
with our strategy of focusing our resources on our core therapeutic focus areas,
developing our pipeline, and bringing innovative science to patients. They
represent further success in our commitment to reposition Elan for the future."

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 news release contains forward-looking statements about Elan that involve
risks and uncertainties and reflect the company's judgment as of the date of the
release. Actual results may differ materially from the company's expectations.
For example, the closing of the sale of Elan Pharma S.A. is subject to a number
of conditions. The sale may be delayed or may not occur if these conditions are
not fulfilled. In addition, the transactions described in the release may not
assist in focusing Elan's resources on core therapeutic areas, in developing
Elan's pipeline, in bringing innovative science to patients or in repositioning
Elan for the future. A further list and description of 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