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ELAN ANNOUNCES WARRANT DIVIDEND

 ATHLONE, Ireland, Nov. 16 ~PRNewswire~ -- Elan Corporation plc (AMEX: ELN) announced that each Unit issued in 1990 by Elan and Drug Research Corporation plc (AMEX: ELNU) has separated effective today into one Callable ADS of DRC and one warrant to purchase 1.5 ADSs of Elan at an exercise price of $15.38 per ADS.
 Elan has declared a 50 percent warrant dividend on its warrants to be effected by the distribution on Nov. 20, 1992 to warrantholders of record at the close of business on Nov. 16, 1992 of one additional warrant for each two warrants held.
 Accordingly, effective on Nov. 20, 1992 each warrant will entitle the warrantholder to purchase one ADS at an exercise price of $15.38.
 Elan Corporation plc is a world leader in the specialized health care field of advanced reformulations and drug delivery, concentrating on improved drug absorption and utilization. Elan operates research and manufacturing facilities in Athlone; Gainesville, Ga.; Brea, Calif. and Cambridge, Mass. in the United States; Enschede, Netherlands; Manila, Philippines and Mezzovico, Switzerland.
 -0- 11~16~92
 ~CONTACT: Michael Barry, vice president of finance of Elan Corporation plc, 011-353-902-94666, or 800-252-3526, or Thomas Redington of Redington, Inc., 203-222-7399, or 212-926-1733, for Elan~
 (ELN)


CO: Elan Corporation plc ST: IN: MTC SU: DIV

SH-OS -- NY103 -- 1438 11~16~92 15:57 EST
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Publication:PR Newswire
Date:Nov 16, 1992
Words:221
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