* Elan says board unanimously accepts report's findings
* Says Schuler and Bryson have agreed to drop legal action
* Schuler and Bryson to resign within 90 days
* Shares slip 2.5 percent
DUBLIN, Sept 17 (Reuters) - The board of Elan has been cleared of any wrongdoing following a controversial review by a U.S. law firm, the Irish drugmaker said on Friday, adding that two directors would resign following the inquiry.
Jack Schuler and Vaughn Bryson had previously expressed concern that the review by U.S. law firm McKenna, Long & Aldridge into mismanagement allegations would not be independent but Elan said on Friday that they had "expressed satisfaction with the outcome of the McKenna process".
But Schuler, former chief operating officer and president at Abbott Laboratories, and Bryson, formerly chief executive officer at Eli Lilly, have said they wish to resign from the board, Elan said.
The duo, who had been branded "dissident" directors by Elan this month, will resign within 90 day either once a new chairman is elected or at the request of the existing chairman.
Elan said Schuler and Bryson had also agreed to suspend an Irish High Court action seeking a parallel inquiry.
Elan, which co-markets the multiple sclerosis drug Tysbari with U.S. biotech company Biogen, has faced a wave of criticism from shareholders about its failure to disclose key information, including details of a transaction with U.S. drugmaker Johnson & Johson.
Activist Elan investor Ib Sonderby raised the heat on Elan this month when he proposed four candidates for its board. Sonderby has been spearheading an investor campaign to shake up the group's top brass.
Elan said its board had approved the report by the U.S. law firm and had accepted its recommendations, including voluntarily complying with U.S. domestic reporting requirements and adopting a U.S. "best practices" conflicts policy. (Reporting by Carmel Crimmins; Editing by Michael Shields)