REG-Elan Corporation PLC Elan Announces Completion of Demerger of Prothena Corporation plc

Fri Dec 21, 2012 2:00am EST

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DUBLIN--(Business Wire)--


Elan Corporation, plc (NYSE:ELN) today announced completion of the separation of
a substantial portion of its drug discovery business (the Prothena Business)
into a new independent, publicly traded company, Prothena Corporation plc
(Prothena). Prothena, which is incorporated in Ireland, today commenced trading
on the NASDAQ Global Market under the ticker symbol "PRTA". 

Under the terms of the demerger, Elan shareholders on the register on December
14, 2012, the record date, received 1 Prothena ordinary share for every 41 Elan
ordinary shares or ADSs held. In addition a wholly owned subsidiary of Elan
subscribed $26 million and received Prothena shares representing 18% of the
total outstanding ordinary shares of Prothena (as calculated immediately
following the subscription by Elan). Accordingly, on completion of the
transaction, Elan shareholders directly and indirectly own 100% of Prothena by
virtue of their direct ownership of 82% of Prothena`s outstanding shares and
indirect ownership of 18% of Prothena`s outstanding shares. 

Further information in relation to the mechanics of the distribution of Prothena
ordinary shares is contained in Section 3 of Part 5 of the Circular to Elan
shareholders dated November 12, 2012 and is also contained in the Information
Statement, which is attached as an exhibit to the Registration Statement on Form
10. Both documents are available on www.elan.com. 

About Elan

Elan Corporation, plc (NYSE: ELN) 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. 

### 

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

Elan Corporation, plc 

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