Acorda Therapeutics rises on job cuts announcement

Acorda Therapeutics

09/09/2021 17:34

** Shares of drug developer Acorda  ACOR.O  rise as much as
4.8% to $4.55, hitting their highest level in six weeks
    ** ACOR says it will cut headcount by 15% in its second
round of job cuts this year, with most personnel reduction
taking place immediately and remaining in Q1 2022  urn:newsml:reuters.com:*:nBwbYz3Cza 
    ** Co sees over $20 mln in annualized cost savings from
restructuring, expects to incur pre-tax charges of $3 mln in Q1
2022 
    ** CEO Ron Cohen expects to expedite trajectory for
Parkinson's disease drug Inbrija, as pandemic subsides and
in-person interactions with health care providers return to
normal levels 
    ** Co appoints Chief Commercial Officer Lauren Sabella as
new Chief Operations Officer
    ** ACOR in January reduced its headcount by 16% and sold its
Inbrija manufacturing facility  urn:newsml:reuters.com:*:nBw7wg6Mya  
    ** Including session gains, stock up ~7.5% YTD 
    

 (Reporting by Bhanvi Satija)
 ((Bhanvi.Satija@thomsonreuters.com;))