Acorda Therapeutics soars on agreement to commercialize Parkinson's drug in China

Acorda Therapeutics

08/05/2023 17:02

(Updates)
    ** Shares of drugmaker Acorda Therapeutics Inc  ACOR.O  more
than double to $1.05 
    ** Stock set to see its best pct rise since October, if
gains hold 
    ** Co enters into distribution and supply agreements with
Chance Pharmaceuticals to provide Parkinson's disease (PD) drug
Inbrija in China 
    ** Acorda to receive an upfront payment of $2.5 mln, and
certain milestone payments of up to $141.5 million from Chance,
apart from a fixed fee for each carton of Inbrija supplied -
ACOR
    ** Adds Chance plans to seek regulatory authorization "as
quickly as possible" for the drug in China 
    ** Inbrija is approved in the U.S. for intermittent
treatment of "off" episodes in adults with PD treated with
carbidopa/levodopa, which is the standard of care for the
disease
    ** An "off" episode is a time when a patient's medications
are not working well, causing an increase in PD symptoms
    ** Including session's gain, stock is up ~36% this year 

 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))