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Acorda To Pay Up To $35 Million To Medtronic In Licensing Deal

DOW JONES NEWSWIRES Acorda Therapeutics Inc. (ACOR) will pay up to $35 million to Medtronic Inc. (MDT) for global development and commercialization rights to the medical-device maker's magnesium formulation as a potential treatment for neurological traumas like spinal cord and brain injuries. Medtronic gets a $3 million upfront payment and up to $32 million in milestone payments, plus potential single-digit sales royalties if Acorda commercializes the clinical-stage compound. Medtronic has some nonexclusive rights with Acorda in certain areas such as pain and musculoskeletal indications. Acorda President and Chief Executive Ron Cohen said the magnesium formulation is an important addition to the company's pipeline of drug candidates. The treatment received Food and Drug Administration fast-track designation in February 2009 for spinal cord injury patients. Acorda plans to seek orphan drug designation in the U.S. Fast-track status typically is given to treatments for life-threatening conditions for which no other drug exists or works as well. Orphan drug status is to encourage development of drugs for rare diseases. Medtronic in May reported its fiscal fourth-quarter earnings fell 19%, hit by restructuring costs linked to recent job cuts, while sales edged higher despite a drag from continued growth challenges in markets for implantable defibrillators and spinal devices. Acorda in May reported that its first-quarter performance fell short of estimates amid disappointing sales of its Ampyra drug, which is used to improve walking ability of multiple sclerosis patients. Shares of Acorda and Medtronic closed Thursday at $32.31 and $38.53, respectively. Neither was active premarket. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Acorda Therapeutics (ACOR)
DateTimeHeadline
04/29/201618:16:37Proxy Statement (definitive) (def 14a)
04/29/201607:00:00Acorda Therapeutics to Present at Two Investor Conferences in...
04/28/201607:33:35Current Report Filing (8-k)
04/28/201606:00:00Acorda Provides Financial and Pipeline Update for First Quarter...
04/21/201607:59:26Statement of Changes in Beneficial Ownership (4)
04/20/201607:00:00Acorda Announces Results from Phase 2b Clinical Trial of CVT-301...
04/18/201616:38:08Current Report Filing (8-k)
04/18/201616:37:42Securities Registration: Employee Benefit Plan (s-8)
04/18/201616:01:00Completion of Acorda Therapeutics' Voluntary Tender Offer for...
04/14/201607:00:00Acorda to Host Conference Call to Discuss First Quarter 2016...
04/13/201609:00:00Final Results of Acorda Therapeutics' Voluntary Tender Offer...
04/11/201608:59:00Acorda Therapeutics Announces Preliminary Tender Offer Results...
04/07/201607:00:00Phase 2b Data on Inhaled Levodopa CVT-301 Featured in Invited...
03/29/201607:11:39Current Report Filing (8-k)
03/22/201608:03:00Acorda Therapeutics Supplements the Tender Offer Document Relating...
03/21/201607:50:31Current Report Filing (8-k)
03/21/201607:30:00Acorda Wins Federal Circuit Appeal Allowing AMPYRA® Patent Litigation...
03/18/201609:03:00Acorda Therapeutics Supplements Tender Offer Document Relating...
03/17/201616:12:24Current Report Filing (8-k)
03/11/201615:47:00Acorda Announces Patent Trials and Appeal Board (PTAB) Institutes...

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