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Elan Sells Its Remaining Stake in Alkermes

  Elan Sells Its Remaining Stake in Alkermes

Business Wire

DUBLIN -- January 31, 2013

Elan Corporation, plc (“Elan”) (NYSE: ELN) announced that, following the close
of trading today, Elan, through its wholly-owned subsidiary, Elan Science
Three Limited, agreed to sell, on customary terms, all of its remaining
7,750,000 ordinary shares of Alkermes plc (“Alkermes”) (NASDAQ: ALKS) through
Jefferies & Company, Inc. pursuant to Rule 144 under the U.S. Securities Act
of 1933. The sale is expected to close on February 6, 2013.

In September 2011, upon the combination of Elan’s Drug Technology (EDT)
business with Alkermes, Inc., Elan received 31,900,000 ordinary shares in the
newly created Alkermes. In March 2012, Elan sold 24,150,000 ordinary shares of
Alkermes in an underwritten public offering. After the closing, Elan will no
longer own any ordinary shares of Alkermes.

About Elan

Elan Corporation, plc is a neuroscience-based biotechnology company committed
to making a difference in the lives of patients and their families by
dedicating itself to bringing innovations in science to fill significant unmet
medical needs that continue to exist around the world. Elan shares trade on
the New York and Irish Stock Exchanges. For additional information about the
Company, please visit www.elan.com.

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Contact:

Elan Corporation, plc
Investor Relations
Chris Burns, 800-252-3526
David Marshall, + 353-1-709-4444
or
Media Relations
Emer Reynolds, + 353-1-709-4022
Jonathan Birt, +44-751-559-7858