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| Elan Announces Plans for European Launch of Myocet(TM) And Initial Payment on Contingent Value Rights (Nasdaq: LCVRZ) |
DUBLIN, Ireland, March 28 /PRNewswire/ -- Elan Corporation, plc (NYSE: ELN) ("Elan") today announced that it has completed all milestones necessary for the European launch of Myocet(TM) (liposome encapsulated doxorubicin citrate complex) in combination with cyclophosphamide for first line treatment of metastatic breast cancer. As a result, holders of its contingent value rights ("CVRs") (Nasdaq: LCVRZ) will receive the initial cash payment of US$ 51.9 million, representing the full $54.0 million payment provided for under the CVR agreement among the CVR holders and Elan, less costs of $2.1 million incurred by Elan and its subsidiaries in connection with achieving the necessary milestones. The cash payment, which will be $1.15 per CVR, will be made on April 9, 2001 to CVR holders of record on April 6, 2001. Elan expects to introduce Myocet(TM) in major European markets early in the second quarter of 2001. Under the CVR agreement, an additional payment of $44.0 million, less certain license payments, if any, received by the CVR holders, will be paid to CVR holders if net sales of Myocet(TM) in certain European Union countries and Canada in any fiscal quarter ending on or prior to December 31, 2002 are at least US $10.5 million. At the time of release of the quarterly results, Elan will give an update on sales of Myocet(TM) in the previous quarter. However, there can be no assurance that net sales of Myocet(TM) will achieve US $10.5 million during any such quarter. Elan is a leading worldwide fully integrated pharmaceutical 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. 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 launch Myocet(TM) or to achieve any sales level for Myocet(TM) 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.SOURCE Elan Corporation plc
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CONTACT:
Investors - Jack Howarth, 212-407-5740, or
800-252-3526, in U.S., or Emer Reynolds, 353-1-709-4000,
00800-28352600, in Europe, or Media - Max Gershenoff,
212-407-5740, or 800-252-3526, all for Elan Corporation plc
