Acorda Therapeutics to acquire Civitas for $525 million
US biotech firm Acorda Therapeutics (Nasdaq: ACOR) has entered into an agreement to acquire Civitas Therapeutics, a privately-held biopharmaceutical company, for $525 million in cash. The news pushed Acorda shares up 17% to $34.54 in morning trading today.
On completion of the transaction, Acorda will obtain worldwide rights to CVT-301, a Phase III treatment candidate for OFF episodes of Parkinson’s disease (PD). The acquisition also includes rights to Civitas’ proprietary ARCUS pulmonary delivery technology and manufacturing facility with commercial-scale capabilities based in Chelsea, MA.
Of the total consideration, $35 million will be used to pay costs related to a Civitas change-in-control. Subject to customary closing conditions, the acquisition is expected to be completed in the fourth quarter of 2014.
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