Neurorecovery sold certain assets to Acorda Therapeutics in exchange for 100,000 shares of its common stock. Acorda’s stock was valued at $26.86 at close on Friday.
Under the terms of the purchase deal, Acorda was assigned two licensing and research agreements relating to the use of aminopyridines in peripheral neuropathies and two early-stage development candidates. Acorda also acquired Neurorecovery’s preclinical and clinical data, regulatory filings, copyrights, trademarks, and domain names relating to three products.
Acorda’s lead clinical product, Fampridine-SR, is also part of the aminopyridine family. It is in a Phase III trial to evaluate its safety and efficacy in improving walking ability in people with MS. Acorda believes that the assets gained from Neurorecovery will allow it to investigate other additional therapeutic indications for Fampridine-SR.
The transaction will be accounted for as an acquisition of in-process R&D assets, according to Acorda. It will result in a noncash expense in the first quarter of approximately $2.7 million, the company adds.