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ELAN SECONDARY OFFERING PRICED

 ATHLONE, Ireland, Jan. 22 /PRNewswire/ -- Elan Corporation plc. (AMEX: ELN) today announced that the Securities and Exchange Commission declared Elan's registration statement effective relating to an underwritten offering of 1.4 million American Depositary Shares, being sold by certain selling shareholders, at a price of $33-7/8 per share. One of the selling shareholders is Fountainhead Holdings (Bermuda) Ltd. ("Fountainhead"), a corporate the beneficial owners of which are certain family members of Elan's Chairman and Chief Executive Officer, Donald E. Panoz. The shares sold in the underwritten offering were sold to a group of underwriters led by Merrill Lynch & Co. and Prudential Securities Incorporated.
 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. Currently 20 Elan products have received regulatory approval for marketing in one or more of 38 countries worldwide.
 -0- 1/22/93
 /CONTACT: Brian Crotty, vice president - communications, 800-252-3526, or Donald Panoz, chairman and chief executive officer, 011-353-902-94666, both of Elan Corporation plc, or Pen Pendleton or Joe Mileti of Dewe Rogerson, Inc., 212-688-6840, for Elan/
 (ELN)


CO: Elan Corporation plc ST: IN: HEA SU: OFR

SH-OS -- NY001 -- 7774 01/22/93 09:17 EST
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Publication:PR Newswire
Date:Jan 22, 1993
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