Acorda raises $300 million in note deal

Acorda Therapeutics Inc. (NASDAQ:ACOR) raised $300 million through the sale of senior convertible notes due 2021 in an offering underwritten by JPMorgan. The notes bear interest at 1.75% and initially convert at $42.56, a 21% premium to Acorda's close of $35.28 on Monday, before the company proposed to raise $300 million in the offering. Acorda markets Ampyra dalfampridine in the U.S. to improve walking ability in multiple sclerosis (MS) patients. Biogen Idec Inc. (NASDAQ:BIIB) has ex-U.S. rights from Acorda to the sustained-release formulation of 4-aminopyridine (4-AP). ...