Elan Corporation PLC - Subsids Note Offering

RNS No 3829p
ELAN CORPORATION PLC
12th November 1997

                 ELAN CORPORATION PLC ANNOUNCES $325 MILLION                  
                          EXCHANGEABLE NOTE OFFERING                          

DUBLIN, IRELAND, November 12, 1997 - Elan Corporation, plc (NYSE: ENL
("Elan"), today announced that Athena Neurosciences, Inc., a wholly owned
subsidiary of Elan, consummated the sale of $325 million aggregate principal
amount of 4.75% Exchangeable Notes due November 15,2004 that are irrevocably
and unconditionally guaranteed on a subordinated basis by Elan (the "Notes"). 
The Notes are exchangeable into Elan American Depository Shares ("ADSs"), each
ADS representing one ordinary share of Elan, at an exchange rate of 14.0758
Elan ADSs per $1,000 principal amount of Notes (equivalent to an exchange
price of $71.04 per Elan ADS).

The Notes were sold in reliance on exemptions from registration under the
Securities Act of 1933, as amended.  The Notes have not been registered under
the 1933 Securities Act upon initial issuance and may not be sold in the
United States absent registration or an exemption from registration.

Net proceeds from the offering will be used for general corporate purposes,
including, but not limited to:  (i) acquiring, in-licensing, co-promoting,
developing and commercializing pharmaceutical products; (ii) funding research
and development; (iii) financing strategic corporation acquisitions; and (iv)
for capital expenditures and working capital requirements.

Elan is a leading worldwide drug delivery and biopharmaceutical company with
its principal research and manufacturing facilities in Ireland, the United
States and Israel.  Elans shares trade on the New York, London and Dublin
Stock Exchanges.

Contact:
Mary Bingham
Director - Investor Relations
Ph:  212-755-3218

END


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