July 7, 2004

DUBLIN, Ireland, Jul 7, 2004 (BUSINESS WIRE) -- Elan Corporation, plc today announced that it has completed the sale of its worldwide rights to Myobloc^®/Neurobloc^® (Myobloc) (Botulinum Toxin Type B) injectable solution to Solstice Neurosciences, Inc (Solstice), a newly formed company focused on the development, manufacturing, sales and marketing of specialty biopharmaceutical products. Included in the sale are the related intellectual property, the product inventory, and the manufacturing facility. The associated manufacturing employees will be offered the opportunity to continue their work with Myobloc^®as employees of Solstice. The financial terms of the transaction were not disclosed.

Myobloc^®was developed by Elan and is currently approved in the U.S., Canada and Europe for the treatment of cervical dystonia to reduce the severity of abnormal head position and neck pain.

About Elan
Elan Corporation, plc is a neuroscience-based biotechnology company that is focused on discovering, developing, manufacturing and marketing advanced therapies in neurology, autoimmune diseases, and severe pain. Elan (NYSE: ELN) shares trade on the New York, London and Dublin Stock Exchanges. For additional information about the company, please visit http://www.elan.com.

About Solstice Neurosciences, Inc.
Solstice Neurosciences, Inc. is an emerging company focused on the development, manufacturing, sales and marketing of specialty biopharmaceutical products. Solstice's first product, Myobloc^®/Neurobloc^® (Botulinum Toxin Type B) Injectable Solution, represents the only botulinum toxin type B currently available to physicians and patients worldwide.

Elan Corporation, plc
Media: Anita Kawatra, 212-407-5755

Solstice Neurosciences, Inc.
Director of Business Operations: Diane Murray, 267-620-8056