Market Overview

Acorda to Acquire Biotie Therapies for $25.60/ADS

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Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced that it entered
into an agreement to acquire Biotie Therapies Corp. (NASDAQ: 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,

See full press release

 

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