Elan announces Pain Management theraputics

[Guest guest]

(From the Elan Corporation, a biopharmeceutical enterprise)

Elan and Ingenium announce major alliance to develop therapeutics for

pain management

DUBLIN, IRELAND, and MUNICH, GERMANY, March 24, 2003 -- Elan

Corporation, plc (NYSE: ELN) (“Elan”) and Ingenium Pharmaceuticals AG

(“Ingenium”) announced today a strategic alliance for the development of

novel therapeutics for pain management. Ingenium brings to the

collaboration a broad set of functional genomics technologies, including

its novel Deductive Genomics™ approach that allows for the rapid

identification and cloning of novel molecular targets implicated in

molecular mechanisms underlying the control of pain. Elan will screen

against the newly discovered and biologically validated drug targets in

order to identify and develop novel therapeutics for the treatment of

pain. The alliance will allow Elan to continue to build its pipeline in

the pain area.

“Today's strategic alliance with Ingenium enhances Elan's position as a

company that has a leading position within the field of neurosciences, "

said President and Chief Executive Officer G. . " As we

restore Elan to financial health, we are committed to building a

world-class R & D pipeline. Today's strategic alliance represents further

investment in the science of managing pain. " continued,

" Through this investment and other planned investments in our core

business, we are

addressing the future growth component of Elan's recovery plan. "

“Elan’s leadership and innovative research make them the ideal partner

for Ingenium’s Deductive Genomics™ approach to drug discovery,” said

C. Nehls, M.D., Ph.D., Chief Executive Officer and Chief

Scientific Officer of Ingenium. “Ingenium sees

this agreement as a validation of the Deductive Genomics technology and

its ability to produce novel therapeutic approaches with a high

probability of clinical success.”

Under the terms of the agreement, Elan and Ingenium will jointly fund a

four-year research programme, estimated at $10 million total, leading to

the identification of clinical candidates. Ingenium has the potential

to earn up to $50 million per product in success-driven milestones.

These milestones are contingent on the identification of a clinical

candidate, the initiation of human clinical trials, the submission of

first NDA/BLA/MAA and the approval of a product in the US, Europe and

Asia. Elan will be responsible for global commercialization of

products developed, however, Ingenium has the option to maintain

co-development and co-commercialization rights on all products developed

through the alliance.

Elan Corporation, plc is focused on the discovery, development,

manufacturing, selling and marketing of novel therapeutic products in

neurology, pain management and autoimmune diseases. Elan shares trade

on the New York, London and Dublin Stock Exchanges.

The basis of Ingenium’s business is its knowledge and expertise in

generating the biological information critical to the discovery,

validation and development of therapeutics. Ingenium’s Deductive

Genomics™ technology combines genome-covering mutagenesis in the murine

model system with a proprietary, therapeutic goal-oriented biological

screen. From the breadth of knowledge generated by Deductive

GenomicsTM, Ingenium is currently advancing a pipeline of novel models

and biologically

validated drug targets in the areas of obesity, lipid metabolism,

neurodegeneration and autoimmune disease. The company’s INGENOtyping™

platform offers a new alternative to producing genetically-altered

murine models. Ingenium has research partnership agreements with F.

Hoffmann-La Roche Ltd., Sequenom Inc. and Lynkeus BioTech GmbH, in

addition to numerous international academic collaborations. The Company

benefits from

funding from premier investors, an experienced management team, and a

growing patent portfolio.