Elan obtains waiver from noteholders through Aug. 8

New York, July 30 - Elan Corp., plc obtained a waiver through Aug. 8 of the requirement that it provide noteholders with audited consolidated financial statements for 2002 by June 29.

The agreement applies to notes issued by Elan's special purpose entities Elan Pharmaceutical Investments II, Ltd. and Elan Pharmaceutical Investments III, Ltd.

The Dublin, Ireland pharmaceutical company said it obtained agreement from a majority of the holders of the notes. It added that it did not pay a fee.

Elan said it is still evaluating the impact of questions from the Securities and Exchange Commission on its accounting for Elan Pharmaceutical Investments III but said it expects to restate its 2001 U.S. GAAP financial results to consolidate Elan Pharmaceutical Investments III. For 2002 it will consolidate Elan Pharmaceutical Investments III and Shelly Bay Holdings Ltd.

The restatement will reduce diluted earnings per share for 2001 to 75 cents from 95 cents and for 2002 to a loss of $6.69 from a loss of $6.87.

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