Entering bankruptcy, decades-old Acorda finds potential buyer in Merz

Nearly 30 years after Acorda’s creation, with a prominent history that took a difficult turn with the 2018 loss of patent protection for a key product, the biotech has entered bankruptcy and forged a deal in which Merz would acquire it, pending the outcome of an auction process.

The German company agreed to pay $185 million for “substantially all” of the assets of Acorda Therapeutics Inc. (NASDAQ:ACOR), which has filed for Chapter 11 bankruptcy protection after a strategic review. Merz GmbH & Co. KGaA would serve as a stalking-horse bidder in an auction for Acorda’s assets, including Ampyra/Fampyra fampridine and Inbrija levodopa...