SmarTrend(R) News Watch: Acorda Therapeutics Sell Rights To Sell Fampridine Outside U.S. To Biogen Idec

Wed. July 01, 2009; Posted: 12:21 PM

Jul 01, 2009 (SmarTrend(R) News Watch via COMTEX) -- BIIB | Quote | Chart | News | PowerRating -- Acorda Therapeutics Inc (NASDA:ACOR) announced that it has sold its rights to sell, outside the United States, its experimental multiple sclerosis drug Fampridine to Biogen Idec (NASDAQ:BIIB). Acorda will get $110 million up front and up to $400 million later if certain regulatory and sales milestones are met. In commenting on the deal JPMorgan analyst Geoff Meacham advised investors, "We believe that the news is a fundamental positive, though we would not be surprised to see the acquisition premium diminished. We recognize that some investors were looking for a near-term acquisition and therefore would expect near-term trading to be choppy." Shares of Acorda Therapeutics are down $3.31 or 11.4% to $24.97.

Write to Chip Brian at cbrian@tradethetrend.com

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For full details on Biogen Idec Inc (BIIB) click here. Biogen Idec Inc (BIIB) has Short Term PowerRatings of 4. Details on Biogen Idec Inc (BIIB) Short Term PowerRatings is available at This Link.

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