Acorda to Acquire Biotie Therapies for $25.60/ADS

Acorda Therapeutics, Inc. ACOR today announced that it entered into an agreement to acquire Biotie Therapies Corp. BITI for €23.5680 per ADS in cash, or the equivalent of $25.60 per ADS based on an exchange rate of 1.0864 U.S. dollars to euros, which values Biotie at approximately $363 million. Acorda will obtain worldwide rights to tozadenant, an oral adenosine A2a receptor antagonist currently in Phase 3 development in Parkinson's disease (PD). In a Phase 2b clinical trial, tozadenant reduced average daily OFF time as an adjunct to treatment regimens including levodopa/carbidopa. Further expanding its Parkinson's pipeline, Acorda will also obtain global rights to SYN120, See full press release