Acorda strengthens PD position with buy of Biotie

19 January 2016

Finland’s Biotie Therapies (Nasdaq OMX: BTH1V) saw its shares rocket 88% to 0.28 euros in early trading, after US biotech Acorda Therapeutics (Nasdaq: ACOR) announced it has reached agreement to acquire the company.

Acorda’s offer is 23.5680 euros per American Depositary Share (ADS) in cash, or the equivalent of $25.60 per ADS, which values Biotie at around $363 million. This is a premium of about 95% compared with the closing price on Monday.

The transaction was also unanimously approved by Acorda’s board of directors. Subject to customary closing conditions, the tender offer is expected to be completed in the first or second quarter of 2016, and the acquisition is expected to be completed in the third quarter of 2016.

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