Acorda files for voluntary Chapter 11 Protection

3 April 2024

Shares of US neurological drug specialist Acorda Therapeutics (Nasdaq: ACOR) fell more than 81% to $2.50 by close on Monday after the company said it had filed for bankruptcy protection.

Acorda announced that it has entered into an asset purchase agreement with a "stalking horse" bidder, Merz Therapeutics, to purchase substantially all of the assets of Acorda, including the rights to Inbrija (levodopa), Ampyra (dalfampridine) and Fampyra (fampridine) for $185 million. Merz Therapeutics, a leader in the field of neurotoxins, is a business of the global family-owned German company Merz.

As generic competition has eroded sales of Fampyra, US biotech major Biogen (Nasdaq: BIIB) in January decided to return its ex-USA rights to the multiple sclerosis treatment to licensor Acorda, with effect from January 1, 2025.

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