Zonegran

Business Editors/Health/Medical Writers

DUBLIN, Ireland--(BUSINESS WIRE)--April 27, 2004

Elan Corporation, plc today announced the completion of the sale of its interests in Zonegran (zonisamide) in North American and Europe to Eisai Co., Ltd. and Eisai Inc.

Under the terms of the agreement, which was previously announced on March 30, 2004, Elan has realised total consideration of approximately $130 million from Eisai in exchange for Elan's interests in Zonegran in North America and Europe. In addition, Elan may earn future deferred purchase payments of up to $110 million, primarily contingent on when generic zonisamide is introduced in the U.S., and including up to $25 million contingent on receiving marketing approval for Zonegran in Europe. Elan will also receive additional deferred purchase payments on net sales of Zonegran in North America and Europe if certain additional conditions are met. Elan's interests comprise U.S., Canadian, Mexican, and European rights to Zonegran, along with related assets and liabilities, Zonegran inventory with an estimated value of $26 million, and the associated sales team of approximately 110 employees.

Elan will continue to manufacture Zonegran in all three dosage strengths of 25 mg, 50 mg, and 100 mg capsules in Athlone, Ireland.

About Elan

Elan Corporation, plc is a neuroscience-based biotechnology company that is focused on discovering, developing, manufacturing and marketing advanced therapies in neurology, autoimmune diseases, and severe pain. Elan (NYSE: ELN) shares trade on the New York, London and Dublin Stock Exchanges.

Safe Harbor/Forward Looking Statements

This news release contains forward-looking statements that involve risks and uncertainties and reflects Elan's judgment as of the date of this release. Actual events or results may differ from Elan's expectations. For example, Elan may not receive any of the deferred compensation discussed in this news release. A further list 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.

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