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Finance Watch: Second Quarter Begins With Solid Base For Biopharma VC, Shaky Ground For Acorda

Executive Summary

First quarter VC investments in biopharma set high expectations for the second quarter; Acorda cuts jobs after patent litigation defeat, plus other strategic realignments; no new US IPOs, but Europe has three; and notable follow-on offerings.

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Finance Watch: Biopharma Fundraising Impact Expected, But Not Apparent Yet

While COVID-19 shocked global financial markets and is expected to impact biopharma fundraising, investment in drug developers continues, including through two new venture capital funds totaling nearly $2bn. Also, Coherus issues debt to fund deals and MOMA launches with $86m in VC cash.

Acorda Restructures, Cuts Jobs By 25% With No Deals, Big Debt On The Horizon

Acorda is cutting jobs to save $21m annually and otherwise lowering expenses for a total of $60m in reduced costs in 2020 to focus on marketing Inbrija, but looming overhead is $345m in debt due in 2021. Meanwhile, ex-US partners and company buyers appear nowhere in sight.

Timing Is Everything – Unfortunately For Acorda, Timing Couldn't Be Worse

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.

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