Elan Completes Acquisition Of Neurex Corp.

Elan Corporation, PLC has completed its previously announced acquisition of Neurex Corp., after Neurex stockholders approved the transaction on August 11, 1998.

Pursuant to the agreement and merger plan, Neurex becomes a wholly owned subsidiary of Elan and each Neurex stockholder will receive 0.51 of an Elan American Depositary Share (ADS). One ADS will represent one Elan Ordinary Share, for each share of Neurex common stock.

According to Elan, Neurex will be operated as a business unit of the Elan Pharmaceuticals division with Dr. Paul Goddard, the chairman, CEO and president of Neurex immediately prior to the merger, becoming president of the new division.

Neurex is a late-stage biopharmaceutical company developing products for pain management and the acute care market, principally in the area of cardiorenal and neurological disease.

For more information: Mary Bingham, director, Investor Relations, Elan Corporation, Telephone: 212-755-3218.