Elan completes $460m offer

Elan announced today that it has completed the offering and sale of $460m (€400m) in aggregate principal amount of 6.50% convertible guaranteed notes due 2008.

The offering and sale of the notes was made outside the United States to non-US persons in reliance on regulation S under the Securities Act of 1933, as amended (the "Securities Act").

The pharmaceutical company also said it was focusing on the discovery, development, manufacturing, sale and marketing of novel therapeutic products in neurology, severe pain and autoimmune diseases.

Its shares are traded on the New York, London and Irish Stock Exchanges.