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Biotech / Medical : Elan Corporation, plc (ELN) -- Ignore unavailable to you. Want to Upgrade?

To: William Partmann who wrote (429)	7/27/1999 1:31:00 PM
From: All Mtn Ski	Respond to of 10345

More good news: Merck and Elan Enter into Technology Transfer and License Agreement DUBLIN, Ireland, July 27 /PRNewswire/ -- Elan Corporation, plc (NYSE: ELN - news; ''Elan'') today announced that it has entered into a second technology transfer and license agreement with Merck & Co., Inc. (NYSE: MRK - news; ''Merck''). Under the agreement, Elan will receive up to $30 million in pre-commercialization payments as well as milestone fees and royalties on sales of products formulated using Elan's proprietary NanoCrystal(TM) technology. NanoCrystal(TM) technology improves the delivery of poorly water-soluble medicines by transforming the drug compounds into nanometer-sized particles that can be incorporated into traditional dosage forms, including oral, injectable, aerosol, and topical formulations. The technology offers performance benefits, including enhanced bioavailability, faster onset of action, elimination of food effects, and improvements in safety and patient compliance. Larry A. Sternson, Ph.D., president of Elan Pharmaceutical Technologies, said, ''We are extremely pleased to have the opportunity to expand our relationship with Merck. This collaboration has been structured specifically to provide Merck the opportunity to use NanoCrystal(TM) technology to access the countless numbers of new molecules generated early in the drug discovery process that are not brought forward for development due to poor solubility. This agreement is a testament to the strategic role that drug delivery technology can play when introduced in the early stages of the R&D process.'' ''This technology looks very promising,'' said Edward M. Scolnick, M.D., executive vice president for science and technology and president, Merck Research Laboratories. ''It will help Merck scientists achieve our laboratories' goal of discovering and developing innovative, unique-in-class medicines that can be taken orally, once a day and are well tolerated.'' The agreement should become effective upon the expiration of the Hart-Scott-Rodino waiting period. Merck & Co., Inc. is a leading, research-driven pharmaceutical products and services company. Merck discovers, develops, manufactures and markets a broad range of innovative products to improve human and animal health, directly and through its joint ventures. Merck-Medco Managed Care manages pharmacy benefits for employers, insurers and other plan sponsors, encouraging the appropriate use of medicines and providing disease management programs. Through these complementary capabilities, Merck works to improve quality of life and contain overall health-care costs. Elan is a leading worldwide specialty pharmaceutical company headquartered in Ireland, with its principal research, development, manufacturing and marketing facilities located in Ireland, the United States and Israel. Elan's shares trade on the New York, London and Dublin Stock Exchanges. The statements made in this press release may contain forward-looking statements that involve risks and uncertainties including, without limitation, risks associated with the inherent uncertainty of pharmaceutical research, product development, regulatory approvals, commercialization and the other risks and uncertainties detailed from time to time in periodic reports filed by Elan, including its annual report on Form 20-F. Elan disclaims any intent or obligation to update these forward-looking statements.