"Presently, backing out the EDT business, tysabri is valued at ~$3.5 billion, and the alzheimer program, which is extensive, with many mid to late stage programs that are industry leading, is given what looks like $0 value, perhaps negative value."
IMHO tysabri and EDT should account for 90% of elan's valuation. they have yet to produce any positive clinical data from any of their alzheimer's programs. and as far as i can tell, they have noting else in their pipeline.