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ELAN ANNOUNCES ADJUSTMENTS TO WARRANTS AND LIQUID YIELD OPTION NOTES

 ATHLONE, Ireland, July 21 /PRNewswire/ -- Elan Corporation, plc (AMEX: ELN). In accordance with the rights offering which was declared effective by the SEC on July 14, 1993, Elan Corporation today announced adjustments to the exchange rate of the liquid yield option notes issued October 1992 and to the exercise price of the warrants issued November 1990.
 Pursuant to the warrant agreement between Elan Corporation, plc and the Bank of New York dated as of Nov. 14, 1990, the exercise price of the warrants will be reduced from $15.38 to $15.25. All other provisions of the warrant agreement remain in place.
 In addition, pursuant to an indenture among Elan International Finance, Limited, Elan Corporation, plc and the Bank of New York dated as of Oct. 16, 1992, the exchange rate for each liquid yield option note has been increased from 10.801 to 10.886. All other provisions of the indenture remain in place.
 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 Athone, Gainesville, Ga.; Brea, Calif. and Cambridge, Mass. in the United States; Enschede, Netherlands; Manila, Philippines and Mezzovico, Switzerland. Currently 20 Elan products have received regulatory approval for marketing in one or more of 38 countries worldwide.
 -0- 7/21/93
 /CONTACT: Brian Crotty, vice president-communications and investor relations, 800-252-3526 or Thomas G. Lynch, executive vice president and chief financial officer, 011-353-902-94666, both of Elan/


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

LR-PL -- NY012 -- 3849 07/21/93 10:25 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
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