Acorda to Acquire Biotie Therapies for $25.60/ADS

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Acorda Therapeutics, Inc.
ACOR
today announced that it entered into an agreement to acquire Biotie Therapies Corp.
BITI
for €23.5680 per ADS in cash, or the equivalent of $25.60 per ADS based on an exchange rate of 1.0864 U.S. dollars to euros, which values Biotie at approximately $363 million. Acorda will obtain worldwide rights to tozadenant, an oral adenosine A2a receptor antagonist currently in Phase 3 development in Parkinson's disease (PD). In a Phase 2b clinical trial, tozadenant reduced average daily OFF time as an adjunct to treatment regimens including levodopa/carbidopa. Further expanding its Parkinson's pipeline, Acorda will also obtain global rights to SYN120,
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Posted In: NewsM&APress Releases
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