Athena Neurosciences Announces Redemption of Its 4.75% Exchangeable Notes

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Athena Neurosciences Announces Redemption of Its 4.75% Exchangeable Notes

    DUBLIN, Ireland, Feb. 6 /PRNewswire/ -- Athena Neurosciences, Inc., a
wholly-owned subsidiary of Elan Corporation, plc (NYSE: ELN) ("Elan"), today
announced that it will redeem, prior to maturity, on March 8, 2001 (the
"Redemption Date"), all of its outstanding 4.75% Exchangeable Notes due
November 15, 2004 (the "Notes") at a redemption price equal to 102.7% of their
principal amount, together with accrued interest to the Redemption Date.  The
aggregate principal amount of Notes currently outstanding is approximately
$324,700,000.
    The Notes may be exchanged for Elan American Depository Shares ("ADSs") at
any time on or before 5:00 p.m., Eastern Standard Time, on the Redemption
Date, at a conversion price of $35.52 per ADS, or 28.1516 ADSs per $1,000
principal amount of Notes.
    A Notice of Redemption will be mailed today to registered holders of the
Notes by the trustee.
    Elan is a leading worldwide fully integrated 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,
oncology, infectious disease and dermatology and on the development and
commercialization of products using its extensive range of proprietary drug
delivery technologies. Elan shares trade on the New York, London and Dublin
Stock Exchanges.
    The statements in this press release may include forward-looking
statements that involve risks and uncertainties detailed from time to time in
periodic reports, including Elan's annual report of Form 20-F for the fiscal
year ended December 31, 1999, as amended by Elan's Form 20-F/A1, both filed
with the Securities and Exchange Commission.  Actual results may differ from
the forward-looking statements.

SOURCE Athena Neurosciences, Inc.

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