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ELAN ATS SUBSCRIPTION OFFERING DECLARED EFFECTIVE BY SEC

 ATHLONE, Ireland, July 14 /PRNewswire/ -- Elan Corporation, plc. (AMEX: ELN) announced today that the Securities and Exchange Commission declared effective the registration statement filed by Elan and Advanced Therapeutic Systems, Limited ("ATS") relating to a rights offering by Elan to its shareholders. Rights issued in the offering will be distributed commencing tomorrow to Elan shareholders of record on July 13, 1993, and will trade on the American Stock Exchange commencing July 15, 1993, through 4 p.m., New York City time, on Aug. 11, 1993. The rights will expire at 5 p.m., New York City time, on Aug. 12, 1993.
 Eight rights, together with $20, are required to subscribe for one unit, and each unit will consist of one common share of ATS and one five-year warrant (represented by one American Depositary Share evidenced by an ADR) to acquire one ordinary share (represented by one American Depositary Share evidenced by an ADR) of Elan. The exercise price of the warrant will be 30 percent above the average closing price of Elan's ADSs on the American Stock Exchange during the last five trading days immediately preceding the date of the expiration of the rights. The Elan warrants and ATS ADSs comprising the units will trade together for a period of two years from the closing date of the subscription offering, after which time they will separate and be traded individually. The warrants will be exercisable for the three-year period commencing on the date of the separation of the unit.
 Elan and ATS are offering a total of approximately 3.9 million units and they expect to raise between $45 million and $78 million of gross proceeds in the subscription offering. In addition, prior to the consummation of the subscription offering, Elan will contribute $35 million in cash to ATS. In the event that all units are not subscribed for by holders of rights, subscribers will have the option to acquire additional units, subject to availability, of up to three times the number of units that the subscriber would otherwise be entitled to acquire on the basis of the number of rights submitted to acquire units. In the event that less than $45 million in gross proceeds is raised, the subscription offering will be withdrawn and, in addition to payments for units and interest on such payments, which will be returned to subscribers, an amount equal to $.0625 per unit will be paid to subscribers (excluding additional units).
 All of the proceeds of the subscription offering will be paid to ATS, which will develop through Elan, pursuant to a development contract, certain products based on Elan's proprietary ETDAS (Electro Transport Drug Administration System), BEODAS (Biodegradable Enhanced Oral Drug Administration System) and MIDAS (Microparticle Injectable Drug Administration System) technologies. Elan and ATS expect that substantially all of the funds raised in the subscription offering will be paid to Elan pursuant to the development contract.
 Elan and ATS will each have certain licensing, manufacturing and marketing rights relating to the products to be developed under the development contract. In addition, Elan will have the option to acquire all (but not less than all) of ATS's shares at escalating predetermined prices per share through Dec. 31, 1997.
 Appropriate adjustments will be made to the exchange rate of the Liquid Yield Option Notes issued in October 1992 and to the exercise price of the warrants issued in November 1990.
 Copies of the prospectus may be obtained from Corporate Investor Communications, Inc., the information agent for the subscription offering, or the Bank of New York, subscription agent for the subscription offering.
 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, Ireland; 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.
 This communication does not constitute an offer to sell or the solicitation of an offer to buy rights or units.
 -0- 7/14/93
 /CONTACT: Brian Crotty, vice president-communications, or Thomas G. Lynch, executive vice president and chief financial officer of Elan, in Ireland, 011-353-902-94666, or 1-800-252-3526/
 (ELN)


CO: Elan Corporation, plc.; Advanced Therapeutic Systems, Limited ST: IN: HEA SU: OFR

GK-OS -- NY062 -- 1612 07/14/93 16:53 EDT
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Date:Jul 14, 1993
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