Investor urges Acorda to sell

In a letter, Scopia Capital Management LP urged the board of Acorda Therapeutics Inc. (NASDAQ:ACOR) to consider a sale of the company. Scopia owns 16.5% of Acorda.

Following a March court ruling that drastically shortened U.S. patent protection for Acorda's multiple sclerosis drug Ampyra dalfampridine to 2018 from 2027, Scopia wrote it now anticipates Acorda will revert to burning cash in 2018, with "no clear timeline to return to profitability." Acorda has said it will appeal the U.S. District Court for the District of Delaware ruling (see BioCentury, April 7)...