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ELAN EXERCISES OPTION TO ACQUIRE OUTSTANDING SHARES OF DRUG RESEARCH CORPORATION, PLC

 ATHLONE, Ireland, May 4 /PRNewswire/ -- Drug Research Corporation, plc. ("DRC") (AMEX: ELR) today announced that Elan Corporation, plc. ("Elan") (AMEX: ELN) of Athlone, has exercised Elan's purchase option to acquire all outstanding callable ordinary shares of DRC and each DRC share will be exchanged for 0.63301 shares of Elan Ordinary Shares.
 A registration statement will be filed with the Securities and Exchange Commission concerning the acquisition. After the registration statement is declared effective, DRC shares will be exchanged for Elan shares at the closing of the purchase option.
 DRC was formed in 1990 through a rights offering to Elan stockholders and is developing products utilizing the ETDAS and IPDAS technologies.
 -0- 05/04/93
 /CONTACT: Michael Barry, secretary of Drug Research Corporation, 011-353-902-94666/
 (ELN ELR)


CO: Elan Corporation, plc.; Drug Research Corporation, plc. ST: IN: MTC SU:

SH-AH -- NY063 -- 4423 05/04/93 14:56 EDT
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Publication:PR Newswire
Date:May 4, 1993
Words:147
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