Elan Corporation plc and Celgene Corporation, today
announced that Elan subsidiary Elan Pharma International Limited has entered
into a settlement and license agreement with Celgene Corporation resolving the
patent infringement litigation involving ABRAXANE(R). Elan initiated legal
action in 2006 against Abraxis BioScience, Inc.

Abraxis was acquired by Celgene (NASDAQ: CELG) in October,
2010. In consideration of the terms of the settlement and license agreement, Celgene
will pay Elan a one-time fee of $78 million. Elan will not receive any
additional payments for sales of ABRAXANE(R), or any other nab(R)-Paclitaxel
product in the United States or globally. Celgene will acquire a fully-paid up,
exclusive, world-wide license to select Elan U.S. and foreign patents for
ABRAXANE(R).