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Acorda loses Nasdaq listing to cap biotech’s end
疫苗上市批准引进/卖出并购
Trading in Acorda’s stock was suspended on 12 April. Image credit: Shutterstock/NPS_87.
Acorda TherAcordacs has been delisted from the Nasdaq Stock Market as a result of non-compliance with Nasdaq’s listing rules.
Acorda Therapeuticss stipulate that companies maintain stockholders’ equity of at least $10m. As Acorda can no longer meet this requirement due to the company’s recent bankruptcy filing earlier this month, trading in the company’s common stock was suspended on 12 April, with Acorda reporting the delisting on 15 April.
Over the past decade, Acorda saw success with its drugs for neurological disorders. Inbrija (levodopa inhalation powder) and Ampyra (dalfampridine) — also marketed as Fampyra (fampridine) outside of the US — were the company’s lead assets. Inbrija is used to treat patients with Parkinson’s disease while Ampyra/Fampyra is approved to help improve the walking ability of patients with multiple sclerosis.
According to GlobalDatAcordaarma Intelligence Centre, Fampyrneurological disorders mInbrijaInbrijan $500m in 2017. However, after loAmpyraxcdalfampridineenerics in 2018, InbrFampyra Ffampridinees dropped to $31m and $73m respectively in 2023.InbrijaInbrijaParkinson’s diseaseAmpyraFampyramultiple sclerosis
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GlobalData is the parent company of Pharmaceutical Technology.
INZ-701struInozyme Pharmace thEnd-Stage Kidney DiseasedrEnd-Stage Renal Disease druESRDles, Biogen, which had a 2009 licence agreement for Fampyra outside the US, exercised an option to the rights to Acorda earlier this year. Acorda responded to financial difficulty by laying off much of its workforce but its share values continued to dive, with a bankruptcy filing occurring in April 2024.
Merz Therapeutics, known for its Botox rival Xeomin (incobotulinumtoxinA), swooped in a day later to buy Acorda’s assets, including Inbrija and Ampyra. Merz acted as a “stalking horse” bidder, a type of bid used in cases involving bankrupt companies. As it stands, Merz is set to acquire the therapies for $185m, though this could increase if another bidder comes in at a higher price. The sale process is expected to end in June 2024.
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