Acorda Announces Royalty Monetization Transactions for $53 Million
November 17 2017 - 7:02AM
Business Wire
Acorda Therapeutics, Inc. (Nasdaq: ACOR) announced a $40 million
royalty monetization with HealthCare Royalty Partners (HCR) and a
$13 million royalty monetization with H. Lundbeck A/S.
In return for the payment to Acorda, HCR obtains the right to
receive royalty revenue on FAMPYRA® (prolonged-release fampridine
tablets) payable by Biogen, up to an agreed upon threshold of
royalties. After this threshold is met, if ever, Acorda will
continue to receive FAMPYRA royalty revenue until this revenue
stream ends. The transaction does not include potential future
milestones to be paid by Biogen.
H. Lundbeck and Acorda have amended the license agreement for
Selincro® to eliminate future royalty and milestone obligations on
sales of Selincro outside of the United States.
Morgan Stanley & Co. LLC served as sole structuring agent on
the Fampyra monetization and Covington & Burling LLP served as
legal advisor to Acorda.
About FAMPYRA RoyaltiesFAMPYRA® (prolonged-release
fampridine tablets) is a treatment indicated to improve walking in
adult patients with multiple sclerosis (MS) who have walking
disability. Biogen has had a license from Acorda to develop and
commercialize FAMPYRA in all markets outside the United States
under a Collaboration Agreement signed in 2009.
About Healthcare Royalty PartnersHCR is a private
investment firm that purchases royalties and uses debt-like
structures to invest in commercial or near-commercial stage life
science assets. HCR has $3.5 billion in cumulative capital
commitments with offices in Stamford (CT), San Francisco, Boston
and London. Since 2003, HCR's senior professionals have completed
more than 60 healthcare investments. For more information, visit
www.healthcareroyalty.com.
About LundbeckH. Lundbeck A/S is a global pharmaceutical
company specialized in psychiatric and neurological disorders. For
more than 70 years, they have been at the forefront of research
within neuroscience. Key areas of focus are depression,
schizophrenia, Parkinson's disease and Alzheimer's disease. For
additional information, visit www.lundbeck.com.
About SelincroSelincro is a European Medicines Agency
(EMA)-approved orally administered therapy for alcohol dependence
therapy. Selincro has been introduced across Europe by Biotie's
partner, H. Lundbeck A/S, a Danish pharmaceutical company
specializing in central nervous system products. Selincro is not
approved for use in the U.S. and is not under development for use
in the U.S.
About Acorda TherapeuticsFounded in 1995, Acorda
Therapeutics is a biopharmaceutical company focused on developing
therapies that restore function and improve the lives of people
with neurological disorders. Acorda has a pipeline of novel
neurological therapies addressing a range of disorders, including
Parkinson’s disease and multiple sclerosis. Acorda markets two
FDA-approved therapies, including AMPYRA® (dalfampridine) Extended
Release Tablets, 10 mg.
Forward-Looking StatementThis press release includes
forward-looking statements. All statements, other than statements
of historical facts, regarding management's expectations, beliefs,
goals, plans or prospects should be considered forward-looking.
These statements are subject to risks and uncertainties that could
cause actual results to differ materially, including: the ability
to realize the benefits anticipated from the Biotie and Civitas
transactions, among other reasons because acquired development
programs are generally subject to all the risks inherent in the
drug development process and our knowledge of the risks
specifically relevant to acquired programs generally improves over
time; the ability to successfully integrate Biotie’s operations
into our operations; we may need to raise additional funds to
finance our operations and may not be able to do so on acceptable
terms; our ability to successfully market and sell Ampyra
(dalfampridine) Extended Release Tablets, 10 mg in the U.S., which
will likely be materially adversely affected by the March 2017
court decision in our litigation against filers of Abbreviated New
Drug Applications to market generic versions of Ampyra in the U.S.;
the risk of unfavorable results from future studies of Inbrija
(CVT-301, levodopa inhalation powder), tozadenant or from our other
research and development programs, or any other acquired or
in-licensed programs; we may not be able to complete development
of, obtain regulatory approval for, or successfully market Inbrija,
tozadenant, or any other products under development; third party
payers (including governmental agencies) may not reimburse for the
use of Ampyra, Inbrija or our other products at acceptable rates or
at all and may impose restrictive prior authorization requirements
that limit or block prescriptions; the occurrence of adverse safety
events with our products; failure to maintain regulatory approval
of or to successfully market Fampyra outside of the U.S. and our
dependence on our collaborator Biogen in connection therewith;
competition; failure to protect our intellectual property, to
defend against the intellectual property claims of others or to
obtain third party intellectual property licenses needed for the
commercialization of our products; and failure to comply with
regulatory requirements could result in adverse action by
regulatory agencies.
These and other risks are described in greater detail in our
filings with the Securities and Exchange Commission. We may not
actually achieve the goals or plans described in our
forward-looking statements, and investors should not place undue
reliance on these statements. Forward-looking statements made in
this press release are made only as of the date hereof, and we
disclaim any intent or obligation to update any forward-looking
statements as a result of developments occurring after the date of
this press release.
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version on businesswire.com: http://www.businesswire.com/news/home/20171117005193/en/
Acorda TherapeuticsFelicia Vonella,
914-326-5146fvonella@acorda.com
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