DUBLIN, Ireland, Jan. 5 /PRNewswire/ -- Elan Corporation, plc (NYSE: ELN)
("Elan") today provided an update to its plans for the European launch of
Myocet (liposome encapsulated doxorubicin citrate complex) in combination with
cyclophosphamide for first line treatment of metastatic breast cancer.
    Elan expects to introduce Myocet in major European markets early in the
second quarter of 2001.  Elan also announced that, before March 31, 2001, it
expects to achieve all milestones necessary for holders of its contingent
value rights ("CVRs") (Nasdaq: LCVRZ) to receive the initial cash payment
provided for under their CVR agreement with Elan.  Upon completion of these
milestones prior to March 31, 2001, the holders of CVRs will be entitled to a
total payment of US $54 million, less certain costs incurred by Elan and its
subsidiaries estimated not to exceed US $3m which will give rise to an
estimated payment of $1.12 per CVR.  The CVRs were issued as a result of
Elan's acquisition of The Liposome Company, Inc. in the second quarter of
2000.
    Elan Corporation, plc is a leading worldwide specialty pharmaceutical and
drug delivery company headquartered in Ireland, with its principal research,
development, manufacturing and marketing facilities located in Ireland, the
United States and Israel.  Elan is focused on the discovery, development and
marketing of therapeutic products and services in neurology, pain management
and oncology, and on the development and commercialization of products using
its extensive range of proprietary drug delivery technologies.  Elan's shares
trade on the New York, London and Dublin Stock Exchanges.

    This communication includes certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995.  These
statements are based on management's current expectations and are naturally
subject to uncertainty and changes in circumstances.  Actual results may vary
materially from the expectations contained herein.  The forward-looking
statements in this communication include statements about future operating
results.  Certain factors, including Elan's inability to successfully obtain
approval milestones or to launch Myocet and other economic, competitive,
business and/or regulatory factors affecting Elan's business generally, could
cause actual results to differ materially from those described herein.  More
detailed information about these factors is set forth in Elan's filings with
the Securities and Exchange Commission, including Elan's Annual Report on Form
20-F for the fiscal year ended December 31, 1999.  Elan is under no obligation
to (and expressly disclaims any obligation to) update or alter these
forward-looking statements, whether as a result of new information, future
events or otherwise.

Link to this page:

  

http://www.elan.ie
CONTACT:
Investors - U.S., Jack Howarth, 212-407-5740
or 800-252-3526, Europe, Emer Reynolds, 353-1-709-4000 or
00800-28352600, or Media - Max Gershenoff, 212-407-5740 or
800-252-3526, all for Elan Corporation, plc

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