Brief: Acorda Therapeutics Announces Agreement For Sale Of Manufacturing Operations And Long-Term Global Supply Agreement For Inbrija®, Corporate Restructuring, And Enters Into “At The Market” Offering Agreement

Acorda Therapeutics

13/01/2021 12:32

Jan 13 (Reuters) - Acorda Therapeutics Inc  ACOR.O :
    * ACORDA THERAPEUTICS ANNOUNCES AGREEMENT FOR SALE OF
MANUFACTURING OPERATIONS AND LONG-TERM GLOBAL SUPPLY AGREEMENT
FOR INBRIJA®, CORPORATE RESTRUCTURING, AND ENTERS INTO “AT THE
MARKET” OFFERING AGREEMENT
    * ACORDA THERAPEUTICS- CO TO SELL ITS INBRIJA MANUFACTURING
OPERATIONS IN CHELSEA, MASSACHUSETTS TO CATALENT FOR $80 MILLION
IN CASH
    * ACORDA THERAPEUTICS- CATALENT WILL ABSORB ALL CO EMPLOYEES
WHO
WORK AT CHELSEA, AND CERTAIN CO EMPLOYEES AT CO'S WALTHAM,
MASSACHUSETTS FACILITY
    * ACORDA THERAPEUTICS INC - ACORDA IS REDUCING ITS COMBINED
ARDSLEY, WALTHAM AND FIELD HEADCOUNT BY APPROXIMATELY 16%
THROUGH A REDUCTION IN FORCE
    * ACORDA THERAPEUTIC - CO EXPECTS TO REALIZE ESTIMATED
ANNUALIZED
COST SAVINGS RELATED TO HEADCOUNT REDUCTIONS OF APPROXIMATELY $6
MILLION BEGINNING IN 2021
    * ACORDA THERAPEUTICS INC - EXPECTED INBRIJA Q4 2020 NET
REVENUE
OF ABOUT $9 MILLION
    * ACORDA THERAPEUTICS INC - EXPECTED AMPYRA EXTENDED RELEASE
TABLETS, 10 MG NET REVENUE FOR Q4 2020 OF ABOUT $25 MILLION
    * ACORDA THERAPEUTICS INC - FOR 2021 CO EXPECTS ANNUAL
OPERATING
EXPENSES TO REDUCE BY APPROXIMATELY $40 MILLION

Source text for Eikon:  ID:nBw7wg6Mya 
Further company coverage:  ACOR.O 

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