Replies to post #192375 on Biotech Values

[DewDiligence]

ACOR acquires BITI for $25.60/sh in cash—a 94% premium to Friday’s closing price and a 35% premium to BITI’s IPO price in Jun 2015 (#msg-114511856):

http://finance.yahoo.com/news/acorda-acquire-biotie-therapies-075000088.html

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, an oral, 5-HT6/5-HT2A dual receptor antagonist for Parkinson’s-related dementia, in Phase 2 development with support from the Michael J. Fox Foundation.

The nominal deal value is $363M.

ACOR also announced two financing transactions to pay for the acquisition: a $75M private placement at an undisclosed price and a $60M loan from JPM.