Exhibit 99.1


                              FOR IMMEDIATE RELEASE



Investor Relations:                                       Media Relations:
Emer Reynolds                                             Anita Kawatra
Ph:  353-1-709-4000                                       Ph:  212-407-5740
     800-252-3526                                              800-252-3526

              ELAN ANNOUNCES COMPLETION OF TENDER OFFER AND CONSENT
           SOLICITATION FOR EPIL III SERIES B AND C GUARANTEED NOTES


Dublin, Ireland, November 30, 2004 - Elan Corporation, plc ("Elan") and its
wholly-owned subsidiary, Elan International Services Ltd. ("EIS"), announced
today that they accepted for payment a total of US$350,971,000 aggregate
principal amount of Series B Guaranteed Notes (PPN: G2954# AB7) and Series C
Guaranteed Notes (PPN: G2954# AC5) issued by Elan's wholly-owned subsidiary,
Elan Pharmaceutical Investments III, Ltd. (collectively, the "Notes"). This
amount includes US$317,406,000 aggregate principal amount of Notes previously
accepted for payment and paid for by EIS and Elan. The Notes were tendered and
related consents delivered pursuant to the previously announced cash tender
offer by EIS to purchase up to US$351 million (of $390 million) aggregate
principal amount of Notes and the related consent solicitation by Elan. Final
settlement is expected to occur today. The tender offer and consent solicitation
expired at 12:00 midnight, New York City time, on November 26, 2004.

A total of US$372,182,000 aggregate principal amount of Notes were tendered and
related consent delivered. In accordance with the terms of the tender offer and
consent solicitation, EIS and Elan accepted for payment, on a pro rata basis,
US$350,971,000 aggregate principal amount of Notes for total consideration of
US$357,410,884, plus accrued and unpaid interest to, but not including, the
applicable settlement date. The total consideration includes an aggregate early
tender premium of US$4,489,884, paid only for Notes tendered prior to the early
tender deadline at 12:00 midnight, New York City time, on November 26, 2004, and
an aggregate consent payment of US$1,950,000. Consent payments were made to all
holders of Notes regardless of whether the holders tendered their Notes or
delivered consents.


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Elan Announces Completion of Tender Offer and Consent Solicitation for EPIL
III Series B and C Guaranteed Notes


As previously announced, as a result of the receipt of the requisite consents
from the holders of the Notes, Elan entered into an amendment to the guarantee
agreement governing Elan's guarantee of the Notes (the "EPIL III Guarantee
Agreement") and a consent agreement under the indenture governing the 6.50%
Convertible Guaranteed Notes issued by Elan Capital Corp. Ltd. and guaranteed by
Elan (the "Convertible Note Indenture"). The amendment to the EPIL III Guarantee
Agreement eliminated many of the restrictive covenants contained in the EPIL III
Guarantee Agreement and the consent agreement under the Convertible Note
Indenture effectively permanently waived compliance with all of the restrictive
covenants contained in the Convertible Note Indenture that restrict certain
activities of Elan and its subsidiaries without the prior consent of a majority
in aggregate principal amount of the outstanding Notes.

The tender offer and consent solicitation were made solely on the terms and
conditions contained in the Offer to Purchase and Consent Solicitation
Statement, dated October 28, 2004, and related documents.

Morgan Stanley & Co. Incorporated acted as dealer manager in connection with the
tender offer and solicitation agent in connection with the consent solicitation.
Questions regarding the tender offer and consent solicitation should be directed
to Morgan Stanley at (800) 624-1808 (toll free) or (212) 761-1941 (collect),
Attention Francesco Cipollone. The Depositary was The Bank of New York.

This press release is for informational purposes only and does not constitute an
offer to purchase, or the solicitation of an acceptance of the tender offer or
the consent solicitation with respect to, the Notes. The tender offer and
consent solicitation are being made only pursuant to the Tender Documents.

About Elan

Elan is a neuroscience-based biotechnology company that is focused on
discovering, developing, manufacturing, selling and marketing advanced therapies
in neurodegenerative diseases, autoimmune diseases and severe pain. Elan's
(NYSE: ELN) shares trade on the New York, London and Dublin Stock Exchanges.



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