Elan Corporation, plc (“Elan”) (NYSE: ELN) announced today that it will redeem all of the outstanding Senior Floating Rate Notes due 2011 (the “Notes”) of its wholly owned subsidiaries, Elan Finance public limited company and Elan Finance Corp. (the “Co-Issuers”), of which $300 million in principal amount is currently outstanding.

The Notes are redeemable at the Co-Issuers’ option at a redemption price equal to 100.000% of the outstanding principal amount (i.e., $1,000.00 per $1,000 principal amount of the Notes), plus an amount equal to accrued but unpaid interest to the date of redemption (i.e., from August 15, 2010, the most recent payment date of the Notes, to the redemption date, interest on the aggregate principal amount of Notes called for redemption will equal $4.01 per $1,000 principal amount). The redemption is expected to occur on or about September 17, 2010.

About Elan

Elan Corporation, plc is a neuroscience-based biotechnology company focused on discovering and developing advanced therapies in neurodegeneration and autoimmune diseases, and realizing the potential of its scientific discoveries to benefit patients and shareholders. The company has two business units: BioNeurology, focused on Alzheimer’s and Parkinson's diseases and multiple sclerosis; and Elan Drug Technologies (EDT), a leading drug delivery business, which has over a dozen programs in late-stage development. Elan's marketed products include TYSABRI®, a treatment for multiple sclerosis and Crohn's disease marketed in collaboration with Biogen Idec, which has over $1 billion in global sales annually. Elan shares trade on the New York and Irish Stock Exchanges. For additional information about the company, please visit http://www.elan.com.

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This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these statements by the fact that they use words such as “expect”, “estimate”, and “intend” and other words and terms of similar meaning in connection with any discussion of future events. A further list and description of risks, uncertainties and other matters can be found in Elan’s Annual Report on Form 20-F for the fiscal year ended December 31, 2009, and in its Reports of Foreign Issuer on Form 6-K filed with the SEC. Elan assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Source: Elan Corporation, plc

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