Anatomy Of A Biotech Company: Acorda Gets Dressed For A Second Act
Acorda's rise, fall, and attempt to rise again is a snapshot of the life of a biotech. The company reached the commercial-stage pinnacle with Ampyra, only to eventually see it fall away to patent challenges. Now, after big staff cuts, the company is hoping to prevail in the commercial market again, this time with Inbrija.
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After the hedge fund Scopia called on Acorda to investigate the possibility of a sale, the biotech's argument for its current direction faltered due to an FDA refuse-to-file letter for Inbrija. Acorda then adopted a shareholder rights plan to buy time.
Citing recent deals, hedge fund Scopia encouraged Acorda's board on Aug. 7 to pursue a sale, but the company believes its new strategy focused on Parkinson's disease is best for shareholders.
In an unusual twist, district court ruled Acorda patents invalid after company defeated Kyle Bass' inter partes review challenge; Bass has won 10 IPR decisions, lost 9 and has one pending.