The deal includes Inbrija (levodopa inhalation powder) and Fampyra (fampridine), the latter marketed as Ampyra (dalfampridine) in the US. Image credit: Shutterstock/Andrii Sedykh.
Merz Therapeutics has entered an agreement to buy three commercial assets from Acorda Therapeutics for $185m, a day after the latter biotech filed for bankruptcy.
Germany-based Merz is acting as a “stalking horse” bidder, meaning the assets could be sold for more than the $185m opening bid if another company decides to swoop in at a higher price. These types of bids come into play in cases involving bankrupt companies.
The sale process is expected to end in June 2024, according to a 2 April press release by Merz.
Inbrija and Fampyra generated global sales of $31m and $73m respectively in 2023. According to GlobalData’s Pharma Intelligence Centre, Fampyra used to see sales of over $500m in 2017. But once it lost exclusivity in 2018, generics flooded the market.
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Acorda has since struggled financially as sales of its drugs weakened. Biogen, which had a 2009 license agreement for Fampyra outside the US, returned the rights to Acorda earlier this year. Shares in the company continued to dive and Acorda ultimately filed for bankruptcy, announced via a 1 April press release.
Commenting on the company’s bankruptcy filing, Acorda’s CEO Ron Cohen said: “Acorda’s management team and board have evaluated all of our strategic options, and following an exhaustive process believe that this option is in the best interest of stakeholders.”
Merz already has experience buying US-listed companies, having acquired the medical device company Ulthera for $600m in 2014.