Elan Signs License Agreement with Abbott for Elan's Proprietary NanoCrystal(R) Technology; To Develop a Single Fixed-Dose Combination of TriCor(R) and Crestor(R) for High Cholesterol Patients

Elan Corporation, plc (NYSE:ELN) today announced that ithas entered into a License Agreement with Abbott Pharmaceutical PR Ltd(NYSE:ABT) in which Abbott has been granted US rights, in apartnership with AstraZeneca Pharmaceuticals, LP, to utilize Elan'sproprietary NanoCrystal Technology to develop and commercialize asingle fixed-dose combination product containing the activepharmaceutical ingredients in Abbott's TriCor(R) 145 (fenofibrate) andAstraZeneca's Crestor(R) (rosuvastatin calcium) products. Under theterms of the License Agreement, Elan will receive payments upon theachievement of development, clinical, and regulatory milestones forsuch new combination product. Additionally, Elan will receive royaltypayments based on US sales of the combination product, if successfullydeveloped and commercialized.

Under the License Agreement, Elan's NanoCrystal Technology may beutilized in the combination product in order to optimizebioavailability and absorption in patients. TriCor(R) 145 andCrestor(R) are both currently marketed and used to treat adults withhigh cholesterol. TriCor, part of a class of medications calledfibrates, has been shown to predominately reduce triglycerides, a formof fat or lipid obtained through food sources, raise HDL cholesteroland lower LDL cholesterol. Crestor is part of a class of medicationscalled statins, which have been shown to reduce LDL cholesterol. Thesuccessful combination of the two products into one oral dosage form,could provide patients with a single treatment.

Presently, health care professionals are advised to considercarefully the benefits of the combined use of fibrate and statindrugs, in light of concerns regarding potentially serious side effectsthat could lead to acute renal failure. Rigorous clinical study ofthese agents in combination to evaluate their safety and efficacy isimportant for patients and warranted, and could produce an importantnew comprehensive cholesterol treatment tool for physicians.

"We are very pleased to execute this agreement, which follows onfrom the successful application of our NanoCrystal Technology in thecurrent TriCor 145 product. We hope applying this technology willresult in the successful development and launch of a combinationproduct that will benefit patients", commented Paul V. Breen,Executive Vice President and Head, Elan Drug Technologies.

About NanoCrystal(R) Technology and Elan Drug Technologies

Elan's NanoCrystal technology is a proven, robust, drugoptimization technology enabling solubility easily and effectively formany poorly water-soluble compounds. The technology which can offerenhanced commercialization opportunities is covered by 1,077 U.S. andforeign patents and patent applications and is part of a suite oftechnologies which Elan's Drug Technologies business offers to thirdparty clients. The drug in nano-form can be incorporated into commondosage forms, including tablets, capsules, inhalation devices, andsterile forms for injection, with the potential for substantialimprovements to clinical performance.

Currently four products marketed in the United States utilizeElan's NanoCrystal Technology, including TriCor(R) (marketed byAbbott), Megace(R) ES (marketed by Par Pharmaceuticals) andRapamune(R) (marketed by Wyeth).

The NanoCrystal Technology is part of a suite of capabilitiesavailable through Elan Drug Technologies (EDT). With over 30 productslaunched in 40 countries, EDT has a proven track record ofcollaborating with pharmaceutical companies. For more informationabout Elan Drug Technologies please visit www.elan.com/EDT.

About Elan

Elan Corporation, plc is a neuroscience-based biotechnologycompany committed to making a difference in the lives of patients andtheir families by dedicating itself to bringing innovations in scienceto fill significant unmet medical needs that continue to exist aroundthe world. Elan shares trade on the New York, London and Dublin StockExchanges. For additional information about the company, please visithttp://www.elan.com.

About Crestor(R)

Crestor (rosuvastatin calcium) is a once-daily prescriptionmedication for use as an adjunct to diet in the treatment of variouslipid disorders including primary hypercholesterolemia, mixeddyslipidemia and isolated hypertriglyceridemia. It is a member of thestatin (HMG-CoA reductase inhibitors) class of drug therapy. Crestorhas not been determined to prevent heart disease, heart attacks orstrokes. For patients with hypercholesterolemia and mixeddyslipidemia, the usual recommended starting dose of Crestor is 10 mg.However, initiation of therapy with 5 mg once daily should beconsidered for patients requiring less aggressive LDL-C reductions orwho have predisposing factors for myopathy, and for specialpopulations such as patients taking cyclosporine, Asian patients andpatients with severe renal insufficiency. For patients with markedhypercholesterolemia (LDL-C greater than 190 mg/dL) and aggressivelipid targets, a 20mg starting dose may be considered. AstraZenecalicensed worldwide rights to Crestor from the Japanese pharmaceuticalcompany Shionogi & Co., Ltd.

Crestor (rosuvastatin calcium) Important Safety Information

Crestor is contraindicated in patients with active liver diseaseor unexplained persistent elevations of serum transaminases, in womenwho are pregnant or may become pregnant, and in nursing mothers. It isrecommended that liver function tests be performed before and at 12weeks following both the initiation of therapy and any elevation ofdose, and periodically (e.g., semiannually) thereafter. Rare cases ofrhabdomyolysis with acute renal failure secondary to myoglobinuriahave been reported with Crestor and with other drugs in this class.The 40mg dose of Crestor is reserved only for those patients who havenot achieved their LDL-C goal utilizing the 20 mg dose of Crestor oncedaily. When initiating statin therapy or switching from another statintherapy, the appropriate Crestor starting dose should first beutilized, and only then titrated according to the patient'sindividualized goal of therapy. The benefit of further alterations inlipid levels by the combined use of rosuvastatin with fibrates orniacin should be carefully weighed against the potential risks of thiscombination. Combination therapy with rosuvastatin and gemfibrozilshould generally be avoided.

Crestor should be prescribed with caution in patients withpredisposing factors for myopathy, such as renal impairment, advancedage and inadequately treated hypothyroidism. Patients should beadvised to promptly report unexplained muscle pain, tenderness orweakness, particularly if accompanied by malaise or fever. Crestor isgenerally well-tolerated. Adverse reactions have usually been mild andtransient. The most frequent adverse events thought to be related toCrestor were myalgia (3.3%), constipation (1.4%), asthenia (1.3%),abdominal pain (1.3%) and nausea (1.3%).

About TriCor

TriCor (fenofibrate tablets) is a member of the fibrate class ofmedications, used to treat abnormal lipid levels in the bloodstream,including cholesterol and triglycerides. TriCor is a once-dailytreatment available in 145 mg and 48 mg tablets that can be taken withor without food.

TriCor, in addition to appropriate diet, is used to treat adultswith high cholesterol, with or without elevated triglycerides(Fredrickson types IIa, IIb). TriCor reduces elevated LDL-C ("bad"cholesterol), total cholesterol, triglycerides and apolipoprotein B,and increases HDL-C ("good" cholesterol). The independent effect ofraising HDL cholesterol or lowering triglycerides on the risk ofcardiovascular morbidity and mortality has not been established withTriCor. Abbott markets TriCor in the U.S. through an agreement withSolvay Pharmaceuticals, Inc.

TriCor, in addition to appropriate diet, is also used to treatadults with high triglycerides (Fredrickson types IV and V). Excessivebody weight, drinking alcohol, diseases such as diabetes andhypothyroidism, and various drugs can contribute to high triglyceridelevels and these should be assessed before a patient is prescribedTriCor tablets. TriCor should only be prescribed after reasonableattempts to modify lipid profile with diet modification, exercise anddecreased alcohol consumption have failed. It is important forpatients to stay on a diet restricted in saturated fat and cholesterolwhile taking TriCor.

TriCor Important Safety Information

TriCor tablets are not for everyone. TriCor should not be taken bypeople with serious liver, kidney or gallbladder disease, or by thosewho may be allergic or sensitive to the drug.

The combined use of TriCor and HMG-CoA reductase inhibitors(statins) has not been advised because of a potential for serious sideeffects that could lead to acute renal failure. The benefit of furtheralterations in lipid levels needs to be weighed against the increasedrisks of this drug combination.

TriCor tablets may cause changes in laboratory reports, especiallyin liver chemistry results. Regular periodic liver tests should beperformed while patients are taking TriCor. Patients should contacttheir doctors if they feel pain in the stomach area while takingTriCor, as this can be a sign of gallstones or inflammation of thepancreas. TriCor may cause muscle pain or serious muscle disease,allergic type reactions and possible changes in blood chemistry. Ifpatients experience unexpected muscle pain, tenderness or weaknesswhile taking TriCor, a health care provider should be contactedimmediately.

Patients should notify their doctor if they are taking any otherdrugs while taking TriCor including any other cholesterol-loweringmedications. TriCor may have an effect on drugs that help preventblood clotting, such as the blood thinner Coumadin(R) (warfarin sodiumtablets, USP), and doctors should monitor blood-clotting tests morefrequently.

Patients should tell their doctors about any side effects theyexperience, including breathing problems, back pain and headaches.

For more information about TriCor (fenofibrate) Tablets, includingfull prescribing information, please visit www.tricortablets.com.

NanoCrystal(R) Technology is a registered trademark of Elan PharmaInternational Limited, Ireland.

TriCor(R) is a registered trademark owned by Abbott LaboratoriesCorporation.

Megace(R) is a registered trademark of Bristol-Myers SquibbCompany licensed to Par Pharmaceutical, Inc.

Rapamune(R) is a registered trademark owned by WyethPharmaceuticals.

Crestor(R) is a registered trademark of the AstraZeneca group ofcompanies.

Coumadin(R) is a registered trademark of Bristol-Myers SquibbCompany.

Safe Harbor/Forward Looking Statements

This press release contains forward-looking statements regardingthe license agreement between Elan and Abbott. These statements arebased on Elan's current beliefs and expectations. The licenseagreement may not result in the successful development orcommercialization of a combination product and Elan may not receiveany milestone or royalty payments under the license agreement. Factorswhich could cause actual results to differ materially from Elan'scurrent expectations include the risks that Elan's NanoCrystalTechnology may not be successfully utilized in creating a combinationproduct, a combination product may have potentially serious sideeffects, Elan may lose proprietary protection for its NanoCrystalTechnology, the license agreement is terminated early or Elan mayencounter other unexpected delays or hurdles. Drug development andcommercialization involves a high degree of risk. For more detailedinformation on the risks and uncertainties associated with Elan's drugdevelopment and other activities, see the periodic and current reportsthat Elan has filed with the Securities and Exchange Commission. Elanassumes no obligation to update any forward-looking statements,whether as a result of new information, future events or otherwise.