Acorda skyrockets as it prevails in royalties dispute over Ampyra
US neurological diseases specialist Acorda Therapeutics (Nasdaq: ACOR) saw its shares go stratospheric yesterday, after it revealed it has been awarded $16.5 million by an arbitral panel following a dispute with Ireland-incorporated drugmaker Alkermes (Nasdaq: ALKS) over licensing royalties for the multiple sclerosis drug Ampyra (dalfampridine).
Acorda stock closed up 164% at $0.90. yesterday giving the firm a market capitalization of $21,53 million. Alkermes edged up 2.2% to $23.12.
Acorda was awarded $15 million plus prejudgment interest of $1.5 million from Alkermes. In addition, as a result of the panel’s ruling, Acorda will no longer have to pay Alkermes any royalties on net sales for license and supply of Ampyra, and Acorda is now free to use alternative sources for supply of Ampyra, which the company has already secured.
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