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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
05/20/201609:43:00U.S. Hot Stocks: Hot Stocks to Watch
05/20/201607:50:00Acorda to Discontinue Epilepsy Drug Development
05/20/201607:18:21Current Report Filing (8-k)
05/20/201606:00:00Acorda to Discontinue Development of PLUMIAZ for Treatment of...
05/18/201609:00:00Biotie Therapies Corp. to Delist Its American Depositary Shares...
05/16/201615:13:15Statement of Changes in Beneficial Ownership (4)
05/13/201609:25:28Statement of Changes in Beneficial Ownership (4)
05/13/201609:22:36Statement of Changes in Beneficial Ownership (4)
05/13/201609:19:15Statement of Changes in Beneficial Ownership (4)
05/06/201617:45:12Quarterly Report (10-q)
05/04/201607:00:00Acorda Therapeutics Named One of the Best Places to Work for...
05/02/201609:02:00Final Results of the Subsequent Offer Period of Acorda Therapeutics...
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)

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