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Acorda buying Civitas for $525M

September 25, 2014 2:25 AM UTC

Neurological disorder company Acorda Therapeutics Inc. (NASDAQ:ACOR) surged $8.27 (28%) to $37.62 on Wednesday on news it will acquire Civitas Therapeutics Inc. (Chelsea, Mass.) for $525 million in cash. The main driver of the deal is Civitas' CVT-301, an inhaled formulation of levodopa to treat motor fluctuations associated with Parkinson's disease.

Acorda plans to start Phase III testing of the product in early 2015, with a potential NDA submission to FDA by the end of 2016. The company said it expects CVT-301's annual U.S. sales to exceed $500 million. ...