Deep Breath For Acorda As It Prepares Inhaled Levodopa Filing
Acorda's $525m purchase of Civitas in 2014 is now set to bear fruit, with new Phase III data for an inhaled formulation of levodopa, the main attraction of the deal, looking strong enough both to warrant approval filings and please payors.
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Acorda can't seem to catch a break. The Federal Circuit slapped down the company's last ditch effort to uphold its Ampyra patents and three days later the FDA postponed a decision on Inbrija, widening the gap between the entry of Ampyra generics and the launch of Acorda's new drug.
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.
Citing recent deals, hedge fund Scopia encouraged Acorda's board on Aug. 7 to pursue a sale, but the company believes its new strategy focused on Parkinson's disease is best for shareholders.