Acorda Therapeutics Inc (NASDAQ:ACOR) has announced that the Patent Trials and Appeal Board has instituted the inter-partes review of 3 patents. All of the said patents concern the company’s drug AMPYRA, targeted at the treatment of multiple sclerosis. Acorda expects a decision from the regulatory within a year. The company has already filed a form 8-K with the SEC, in this regard.
The CEO of Acorda, Ron Cohen, stated that the company’s development programs had resulted in some new findings about the drug, which he believes would improve the patent’s position. The drug has a total of five Orange Book-listed patents, which will expire between 2025 and 2027.
Furthermore, Acorda has reached a combination agreement with Biotie Therapies Corp. The agreement was initially made on January 19, 2016, but was awaiting approval from the Finnish Financial Supervisory. Now that the approval has been received, the company would make a public tender offer for all of Biotie shares of the common stock, which are not already owned by Biotie or its subsidiaries. The authorities have set March 11, as the date of commencing the tender offer, while April 8 would be the end date. Although the commencement period has already begun, but an update on the offer from Acorda has not yet been received.
Institutional Investors have been changing their stake in Acorda Therapeutics, with BlackRock Advisors LLC reducing its stake in the company, by 23.2%. In a recent filing with the SEC, the institutional investor stated that the change was made during the 4Q2015 and the investor now holds a 0.2% stake in ACOR. On the other hand, Jennison Associates and Asymmetry Capital Management raised their positions in the company. However, the most significant increase was made by the Public Employees Retirement Association, which increased its stake by 51.3% in the company.
Acorda Therapeutics Inc (NASDAQ:ACOR) completed the March 11 session, with a loss of 7.81% and a trade volume of 2.68 million, to close at a share price of $32.