- Acorda Therapeutics on Tuesday announced the acquisition of Finland-based Biotie in a $363 million deal which gives Acorda two drugs in clinical trials for the treatment of Parkinson's disease.
- Biotie's leading candidate, tozadenant, is in a Phase 3 trial and may reduce the off times of Parkinson's disease patients taking the standard treatment.
- In order to fund the all-cash deal for Biotie, Acorda announced a $75 million issuance of common stock in a private placement estimated to close this month. Additionally, Acorda entered into a $60 million loan facility with JPMorgan Chase.
With this deal, Acorda boosts its Parkinson's pipeline. Tozadenant successfully completed a 420-person Phase 2b trial, demonstrating a reduction in off times by an average of 1.1 hours per day. Among patients already taking the standard levodopa treatment to reduce Parkinson's symptoms, off times indicate periods where symptoms re-emerge. Acorda hopes to file a NDA by the end of 2018.
In addition to Tozadenant, Acorda will acquire SYN120, an oral med aimed at treating Parkinson's related dementia, and a monoclonal antibody drug for chronic liver disease. SYN120 is currently in a Phase 2 trial.
Biotie's headquarters are in Turku, Finland but it has operations in San Francisco. Acorda will retain Biotie's San Francisco facility and associated staff.