Acorda takeover reports result in 9% jump

Shares in neurological diseases specialist Acorda Therapeutics (Nasdaq: ACOR) closed nearly 9% up on Friday following reports that a host of companies are interesting in taking over the US biotech.

Acorda received a refusal to file letter from the US Food and Drug Administration (FDA) last year relating to Inbrija (levodopa inhalation powder), its investigational treatment for symptoms of ‘off’ periods in people with Parkinson’s disease taking a carbidopa/levodopa regimen.

The company has since resubmitted its New Drug Application for the drug, which is backed by Phase III trial data, and claims to have addressed the issues raised by the agency. Whether the FDA agrees or not, getting the product over the line and onto the market might suit a big player like US biotech Biogen (Nasdaq: BIIB) – one of the firms interested in a takeover, reports Bloomberg.