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(KING PHARMACEUTICALS LOGO)

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FOR IMMEDIATE RELEASE





         KING PHARMACEUTICALS REACHES REVISED AGREEMENT TO PROCEED WITH

                  ACQUISITION OF ELAN'S PRIMARY CARE BUSINESS



          PROVIDES REVISED FINANCIAL PROJECTIONS REFLECTING TRANSACTION



BRISTOL, TENNESSEE, May 20, 2003 - King Pharmaceuticals, Inc. (NYSE:KG)

announced today that the Company has reached an agreement with Elan Corporation,

plc (NYSE:ELN) that restructures the terms of the Asset Purchase Agreement dated

January 30, 2003. Pursuant to the revised terms of the agreement, the previously

announced planned acquisition of Elan's primary care business in the United

States and Puerto Rico is expected to close by the end of June 2003, subject to

the satisfaction of certain contingencies, including approval by the holders of

a majority of the outstanding common stock of Elan and other customary

conditions. King and Elan have also agreed to suspend litigation between King

and Elan relating to the original agreement until the closing of the

transaction, at which time the litigation will be dismissed.



Elan's primary care business includes two branded prescription pharmaceutical

products, as well as rights to potential new formulations of the products, and

Elan's experienced primary care field sales force consisting of approximately

375 individuals. The products include Sonata(R) (zaleplon), a nonbenzodiazepine

treatment for insomnia, and Skelaxin(R) (metaxalone), a muscle relaxant, in the

United States, its territories and possessions, and Puerto Rico ("Territories"),

and related New Drug Applications ("NDAs"), trademarks, copyrights, patents, and

licenses to certain patents associated with potential new formulations of such

products. As part of the transaction, King will acquire certain intellectual

property, regulatory filings, and other assets relating to Sonata(R) directly

from Wyeth Pharmaceuticals.



Under the restructured agreement, the total consideration paid by King at

closing will equal approximately $750 million. King will deposit $400 million in

escrow in anticipation of closing. The $750 million purchase price includes the

transfer of inventory with a value of approximately $40 million. Net sales of

Sonata(R) and Skelaxin(R) in the Territories totaled approximately $238 million

during 2002.



Jefferson J. Gregory, Chairman and Chief Executive Officer of King, stated, "We

are pleased to announce that we have reached a new agreement that permits us to

proceed with the acquisition of Elan's primary care business, which includes

Sonata(R) and Skelaxin(R). The addition of Elan's dedicated primary care field

sales force of approximately 375 individuals to our established sales and

marketing capabilities should particularly well position Sonata(R) for long-term

growth and significantly enhance the Company's ability to successfully promote

and grow our other branded prescription pharmaceutical products."



Sonata(R) is a nonbenzodiazepine short-acting treatment for insomnia, with most

patients experiencing the onset of sleep within ten to twenty minutes of taking

the drug. With a short half-life of approximately one hour and a four to five

hour duration of action, the product can be taken in the middle of the night

without residual side effects such as drowsiness, loss of memory, or impact on

psychomotor skills.









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Sonata(R) was developed by Wyeth and approved for marketing in the United States

in 1999. Sonata(R) has Hatch-Waxman exclusivity through August 2004 and a

composition of matter patent which the U.S. Patent and Trademark Office is

expected to extend through June 2008. Net sales of Sonata(R) totaled

approximately $93 million during 2002.



In connection with the transaction, King and Elan will enter into a

Reformulation Agreement whereby Elan will continue its ongoing development of

new formulations of Sonata(R), including an extended release product. King will

reimburse Elan for the direct costs incurred in connection with the formulation

development program for Sonata(R), and will pay Elan potential payments totaling

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