Acorda Therapeutics Inc. (ACOR) were down 14.8%, to $24.45, Wednesday afternoon as a federal appeals court denied the company's motion for an injunction in its patent litigation with generic drug companies. In 2017, after a district court upheld one patent for multiple sclerosis treatment Ampyra, but invalidated four others, Acorda said it would cut about 20% of its workforce. If the appeals court doesn't overturn the district court's decision by July 30, "multiple generic drug manufacturers may decide to launch at-risk generic versions of Ampyra," the company said in a filing. (josh.beckerman@wsj.com)

(END) Dow Jones Newswires

July 25, 2018 14:21 ET (18:21 GMT)

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