Tue, Jan. 19, 6:58 AM
- Acorda Therapeutics (NASDAQ:ACOR) makes an all-cash tender offer of €0.2946 per share on the Nasdaq Helsinki index for Biotie Therapies (NASDAQ:BITI). The offer price per ADS is €23.5680 or $25.60 based on a dollar/euro exchange rate of 1.0864, representing a 94% premium over Friday's close of $13.20.
- Acorda CEO Dr. Ron Cohen says, "Our acquisition of Biotie positions Acorda as a leader in Parkinson's disease therapeutic development, with three clinical-stage compounds that have the potential to improve the lives of people with Parkinson's. Tozadenant, Biotie's most advanced clinical program, is a promising therapy being developed to reduce daily OFF time. Adenosine A2a receptor antagonists may be the first new class of drugs approved for the treatment of Parkinson's in the U.S. in over 20 years. Tozadenant is a compelling opportunity with potential market exclusivity to 2030. We are targeting an NDA filing by the end of 2018."
- The deal also includes Phase 2-stage SYN-120 for Parkinson's dementia, BTT1023 for primary sclerosing cholangitis and Selincro for the reduction of alcohol consumption (marketed by Lundbeck A/S in certain European countries).
- Update: Over 97% of Biotie's shares were tendered in the deal.
Sep. 24, 2014, 10:01 AM
- Alkermes plc (ALKS +0.4%), through its subsidiary Alkermes, Inc., will reap some financial benefits from Acorda's (ACOR +17.3%) $525M acquisition of Civitas. It will receive $30M for the sale of certain commercial-scale pulmonary manufacturing equipment used by Civitas and ~$29M for its ~6% stake in the privately-held firm.
- The payments will not impact Alkermes' non-GAAP net income.
Sep. 24, 2014, 8:08 AM
- Acorda Therapeutics (NASDAQ:ACOR) acquires privately-held Chelsea, MA-based Civitas Therapeutics for $525M in cash. The transaction enables Acorda to obtain worldwide rights to CVT-301 (inhaled L-dopa), a Phase 3 product candidate for the treatment of OFF episodes in patients with Parkinson's disease. Estimated U.S. sales of CVT-301 are expected to be at least $500M.
- Acorda will hold a conference call this morning at 8:30 am ET to discuss the transaction.
Jul. 9, 2013, 8:32 AM
Acorda Therapeutics (ACOR) has acquired the rights in the Americas and certain other territories to two nerve pain treatments from NeurogesX (NGSX.OB) - FDA approved Qutenza and "Phase III ready" NP-1998. Acorda paid $8M up front and will pay as much as $5m in milestones related to NP-1998. (PR)| Jul. 9, 2013, 8:32 AM