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ELAN STOCK SPLIT EFFECTIVE TOMORROW

 ELAN STOCK SPLIT EFFECTIVE TOMORROW
 ATHLONE, Ireland, Aug. 19 /PRNewswire/ -- Elan Corporation, plc


(AMEX: ELN) said a three-for-two stock split of its ordinary shares (4 Irish pence par value) will become effective tomorrow, Aug. 20, 1992.
 The stock dividend of one new ordinary share for every two shares held, approved by stockholders on July 2, 1992, is being paid to shareholders of record on Aug. 15, 1992.
 Upon payment of the stock dividend, the number of ordinary shares outstanding will total approximately 28.5 million. Elan shares trade as ADRs on the American Stock Exchange. The ratio of one ADR to one ordinary share will remain unchanged.
 The Elan Unit (AMEX: ELNU) which consists currently of one share in Drug Research Corporation (DRC) and one warrant to purchase one share in Elan at $23.075 per share will, immediately following the stock split, consist of one share in DRC and 1.5 warrants to purchase shares in Elan at $15.383 per share. Where fractional shares arise upon exercise of the warrants, Elan will pay the holders cash in lieu of the fractional shares based on the market price of Elan shares at the time of exercise. The warrants are exercisable from Nov. 14, 1992 to Nov. 14, 1995.
 Elan Corporation, plc is a world leader in the specialized health care field of advanced reformulation and drug delivery, concentrating on improved drug absorption and utilization. Elan operates research and manufacturing facilities in Athlone; Gainesville, Ga.; Brea, Calif.; Cambridge, Mass.; Enschede, Netherlands; Manila, Philippines; and Mezzovico, Switzerland.
 -0- 8/19/92 R
 /CONTACT: Brian Crotty, vice president of Elan, 800-252-3526, or Thomas Redington of Redington, Inc., 203-222-7399 or 212-926-1733, for Elan/
 (ELN ELNU) CO: Elan Corporation, plc ST: IN: MTC SU:


PS-TM -- NY067 -- 1517 08/19/92 18:02 EDT
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Publication:PR Newswire
Date:Aug 19, 1992
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