Schuler Takes Seat at Elan; Icahn Lurks in the Wings; Bad News on Tysabri

Things are moving quickly at Elan, the illogically managed Irish drug company whose top executives work in at least three different offices that are 5,000 miles apart.

First, angry investor Jack Schuler of Crabtree Partners became one of three new board members. Schuler previously described Elan CEO Kelly Martin as guilty of "gross incompetence." Second, Schuler's anti-Elan blog, Fixelan.com, which BNET noted June 2 was silent, has now completely disappeared.

While those moves are cause for hope that Elan may finally get its act together and turn into a real drug company rather than a retirement home for former Merrill Lynch executives, they were tempered by the news that an eighth patient on Elan's MS drug Tysabri has developed PML, a nasty brain infection.

That will considerably dampen investor enthusiasm at Elan's last piece of news, which was that Martin thinks he's close to a deal that could -- here's hoping, MS and Alzheimer's patients! -- give Elan adult supervision.

One final question: Where does Carl Icahn stand in all of this?

• Previous BNET coverage of Elan:
• Elan-Pfizer Deal Rumor Is Deja Vu All Over Again
• Elan Stock Keeps Rising Despite Denial of BMS Takeover
• Elan Silent on Corporate Jets as 230 Are Laid Off
• Elan Management Creates Self-Enrichment Plan as Pfizer-Wyeth Deal Threatens Bapineuzumab
• Elan Chairman: "We're Qualified Managers Because We're Irish"
• Elan Sees Problems on Alzheimer's Drug; Puts Itself Up for Sale
• Elan "Poison Pill" Deal With Biogen Prevents Rumored Pfizer Takeover
• Elan's Pennsylvania Lawyer Once Again Makes News
• Elan CEO Martin's Pay Cut by Half