SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the period ended December 9, 2002
Elan Corporation, plc
(Translation of registrant's name into English)
Lincoln House, Lincoln Place, Dublin 2, Ireland
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F /X/ Form 40-F / /
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes / / No /X/
This Report of Foreign Issuer on Form 6-K is incorporated by reference into
the Registration Statements on Form F-3 of Elan Corporation, plc (Registration
Nos. 333-10718, 333-10726 and 333-100252), the Registration Statement on Form
F-4 of Elan Corporation, plc and the Post-Effective Amendments thereto on Forms
F-3 and S-8 (No. 333-12756), the Registration Statement of Elan and Athena
Neuroscience Finance, LLC (No. 333-13130), and the Registration Statements on
Form S-8 of Elan Corporation, plc (Registration Nos. 333-13996, 333-12344,
333-11940, 333-09644, 333-09284, 333-09048, 333-08384, 333-07361, 333-07136,
333-14240, 33-27506 and 333-100556).
elan Corporate Bulletin
FOR IMMEDIATE RELEASE
CONTACTS:
INVESTORS: (U.S.) INVESTORS: (EUROPE) MEDIA:
Jack Howarth Emer Reynolds Sunny Uberoi
Ph: 212-407-5740 Ph: 353-1-709-4000 Ph: 212-994-8206
800-252-3526 00800 28352600 800-252-3526
ELAN COMPLETES ITS AVINZA(TM) LICENSE RESTRUCTURING WITH
PAYMENT TO ELAN OF $100 MILLION IN CASH
DUBLIN, Ireland, December 9, 2002 - Elan Corporation, plc (NYSE: ELN) ("Elan")
today announced that the amendment to the terms of its development, license and
supply agreement with Ligand Pharmaceuticals, Inc. ("Ligand") regarding
Avinza(TM) (morphine sulfate extended-release) capsules, previously announced on
November 12, 2002, has become effective. As per the terms of the amended
agreement, Ligand has made a cash payment of $100 million to Elan.
The proceeds from the amended agreement will form part of Elan's targeted
proceeds as outlined in its recovery plan. Elan's cash position will in future
periods be dependent on a number of factors, including its asset divestiture
program, its balance sheet restructuring, its debt service requirements and its
future operating cash flow. In addition to the actions and objectives previously
outlined with respect to Elan's recovery plan, Elan may in the future seek to
raise additional capital, restructure or refinance its outstanding indebtedness,
repurchase its equity securities or its outstanding debt, including its Liquid
Yield Option Notes, in the open market or pursuant to privately negotiated
transactions, or take a combination of such steps or other steps to increase or
manage its liquidity and capital resources. Any such refinancings or repurchases
may be material.
Elan Completes its Avinza(TM) License Restructuring with a Payment to
Elan of $100 million in Cash
Elan 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.
This news release may contain certain forward-looking statements by Elan that
involve risks and uncertainties and reflect the company's judgement as of the
date of this release. Actual events or results may differ from the company's
expectations. For example, there can be no assurance that the funds received
from this transaction will have a material contribution to Elan's efforts to, or
predict or guarantee Elan's ability to, raise substantial proceeds from the
divestment of assets; and the ability to maintain flexibility and maintain
sufficient cash, cash equivalents, and investments and other assets capable of
being monetised to meet its liquidity requirement. A further list of risks,
uncertainties and other matters can be found in Elan's Annual Report on Form
20-F for the fiscal year ended December 31, 2001, and in its Reports of Foreign
Issuer on Form 6-K. Elan assumes no obligation to update any forward-looking
statements, whether as a result of new information, future events or otherwise.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ELAN CORPORATION, plc
By: /s/ William F. Daniel
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William F. Daniel
Company Secretary
Date: December 9, 2002