Time's Up :-)
ELAN CORPORATION AND ATHENA NEUROSCIENCES
STOCKHOLDERS APPROVE MERGER
Dublin, Ireland and South San Francisco, June 27 - Elan Corporation, plc (NYSE: ELN)
("Elan") and Athena Neurosciences, Inc. (Nasdaq: ATHN) ("Athena") jointly announced that
at special meetings held earlier today the stockholders of each company approved the
planned merger of Elan and Athena. Under the merger agreement, which was announced March
18, 1996, Athena will become a wholly owned subsidiary of Elan.
The merger creates a fully integrated drug delivery and biopharmaceutical company.
Elan has capabilities in discovery, development, manufacturing, and sales and marketing.
Donal J. Geaney, Elan's president and chief executive officer said, "This merger marks
the fulfillment of our mind-to-market strategy. It provides the opportunity for us to
capitalize on an important therapeutic niche, by combining Athena's leading Alzheimer's
disease research program with Elan's established development expertise.
Under the terms of the merger agreement, Athena's stockholders will receive 0.2956
Elan American Depositary Shares for each Common Share of Athena they own at the time the
merger is completed. Elan and Athena expect the merger to be completed on July 1, 1996.
Upon completion of the merger, Athena will continue to operate as Athena Neurosciences,
Inc., and the company's headquarters will remain in South San Francisco.
Elan Corporation, plc is a leading worldwide drug delivery company with innovative
drug absorption technologies designed to improve patient care in a cost-effective manner.
Its principal research and manufacturing facilities are in Ireland, the United States and
Israel. Athena Neurosciences, Inc. was founded in 1986 to discover, develop and market
products to be used primarily by neurologists for the treatment and diagnosis of
neurological disorders.
UNS
Contact: Donal J. Geaney, President & Chief Executive Officer, or Thomas G. Lynch,
Executive Vice President and Chief Financial Officer, both of Elan Corporation, plc, tel
Ireland 00 353-1-709-4617 or John Groom, President & Chief Executive Officer, or Eric J.
Liebler Director, External Relations, both of Athena Neurosciences, Inc., tel USA 00 1
415-877-0900 |
