Acorda Agrees to Acquire Biotie TherapiesBy
Acorda therapeutics, a biopharmaceutical company based in Ardsley, New York, has agreed to acquire Biotie Therapies, a biopharmaceutical company based in Turku, Finland, for approximately $363 million.
Acorda will obtain worldwide rights to tozadenant, an oral adenosine A2a receptor antagonist currently in Phase III development in Parkinson's disease. Further expanding its Parkinson's pipeline, Acorda will also obtain global rights to SYN120, an oral, 5-HT6/5-HT2A dual receptor antagonist for Parkinson's-related dementia, in Phase II development.
The acquisition also includes two other assets: BTT1023, a fully human monoclonal antibody in Phase II development for treatment of primary sclerosing cholangitis (PSC), a chronic liver disease; and double-digit royalties from sales of Selincro, a European Medicines Agency-approved therapy for reduction in alcohol consumption marketed by H. Lundbeck A/S in multiple European countries.
The offer was recommended by Biotie's board of directors and 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.
Source: Acorda Therapeutics