Acorda: Surges on sale of manufacturing facility, restructuring plans

Acorda Therapeutics

13/01/2021 14:01

** Shares of drugmaker  ACOR.O  surge 55.4% to $6.59
premarket - stock is top pct gainer across U.S. exchanges 
    ** ACOR enters definitive agreement with contract drugmaker
Catalent Inc  CTLT.N  to sell its manufacturing facility for its
Parkinson's disease treatment Inbrija in Chelsea, Massachusetts
for $80 mln in cash  urn:newsml:reuters.com:*:nBw7wg6Mya
    ** ACOR also enters long-term global supply agreement with
CTLT to manufacture and package Inbrija, ensuring uninterrupted
supply
    ** Catalent to absorb all ACOR employees who work at Chelsea
facility as well as certain employees at Waltham facility 
    ** In addition, ACOR to reduce its headcount by about 16%
through reduction in force
    ** ACOR expects to save about $10 mln in annual operating
expenses related to operation of manufacturing facility;
estimates headcount reduction-related annualized cost savings of
about $6 mln beginning in 2021
    ** Expects unaudited Inbrija rev of about $9 mln in Q4
    ** Co says deal completion with CTLT expected to occur in Q1
    

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))