Acorda Therapeutics says it has agreed to pay $363 million to buy Finnish firm Biotie Therapies. “Our acquisition of Biotie positions Acorda as a leader in Parkinson’s disease therapeutic development, with three clinical-stage compounds that have the potential to improve the lives of people with Parkinson’s. Tozadenant, Biotie’s most advanced clinical program, is a promising therapy being developed to reduce daily off time,” said Ron Cohen, Acorda’s president and CEO.
BTT1023, Biotie’s treatment for primary sclerosing cholangitis, a chronic liver disease, and Selincro, a therapy for alcohol consumption reduction already approved by the European Medicines Agency, are also included in the deal.
Acorda, which focuses on neurological disorder therapies, paid $525 million in 2014 to acquire Civitas’ Arcus™ pulmonary delivery technology for use in a Phase III Parkinson’s trial involving the formulation of CVT-301, its drug candidate formulation. Acorda now gains Biotie’s rights to tozadenant, an oral A2a receptor antagonist in Phase III development for treatment of Parkinson’s disease, and SYN-120, an oral 5-HT6/5-HT2A dual receptor antagonist in Phase II development, intended to treat patients with Parkinson’s-related dementia.
“Adenosine A2a receptor antagonists may be the first new class of drugs approved for the treatment of Parkinson’s in the U.S. in over 20 years. Tozadenant is a compelling opportunity with potential market exclusivity to 2030. The Phase II data were highly statistically significant and clinically meaningful. We are targeting an NDA filing by the end of 2018,” continued Cohen. “If approved, tozadenant could provide a much needed treatment option.”
Acorda will maintain Biotie’s operations in San Francisco, and also maintain its own presence in New York, Boston, and San Francisco.