Your February 17 story, Elan Management Create Self-Enrichment Plan as Pfizer-Wyeth Deal Threatens Bapineuzumab, is misleading and contains several errors.

The options and restricted shares granted to the executives listed in your article fall under the normal annual compensation process for Elan employees. 2008 was a strong year for Elan as we surpassed $1 Billion in revenues, became cash flow positive in Q4 and continued to advance our development pipeline. While you were selective in mentioning the names of senior management within Elan who received stock, the program is far broader and impacted significantly more employees at the company. The timing of the year end compensation process is coincidental and unrelated to Elan?s announcement that it plans to review strategic business alternatives.

The article also erroneously states that Jack Schuler recently succeeded in getting two directors on Elan’s board. That is false. We have not appointed any new board members.

Lastly, your article alludes to partial correspondence between Jack Schuler and Elan, highlighting with particular detail the mention of off-balance sheet arrangements in the context of the current management team. These transactions occurred long before the tenure of any current senior management at the company. Moreover, as part of a deliberate process to provide both clarity and transparency to investors, these off balance sheet financings and over 60 joint ventures were unwound by Kelly Martin after he joined the company.

Sincerely,