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Acorda Enacts 'Poison Pill' In Effort To Stave Off Scopia

 
• By Joseph Haas

After the hedge fund Scopia called on Acorda to investigate the possibility of a sale, the biotech's argument for its current direction faltered due to an FDA refuse-to-file letter for Inbrija. Acorda then adopted a shareholder rights plan to buy time.

Business time concept as a group of running businessmen and businesswomen using a giant clock to cross over a cliff as a bridge as a metaphor for schedule and appointment speed as a 3D illustration.

Just days after an unexpected refuse-to-file letter from US FDA appeared likely to bolster activist shareholder Scopia Capital Management's argument in favor of a sale, Acorda Therapeutics Inc. announced a "shareholder rights plan" Sept. 1 intended to buy some time while both it and investors sort out the path forward.

Facing potential generic competition to its top-selling product Ampyra (dalfampradine) in 2018, Acorda has wagered much of its future on a pair of late-stage Parkinson's disease bets – Inbrija (CVT-301), an inhaled formulation of levodopa, and tozadenant, an adenosine A2a receptor antagonist. (Also see "Deep Breath For Acorda As It Prepares Inhaled Levodopa Filing" - Scrip, 9 February, 2017

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