Acorda gains on takeout rumor

Acorda (NASDAQ:ACOR) jumped $4.15 (19%) to $25.61 on Tuesday after media reports surfaced indicating that Biogen Idec (NASDAQ:BIIB) was in talks to acquire the neurology company. Neither company could be reached for comment.

Acorda markets Zanaflex tizanidine, an adrenergic receptor alpha 2 agonist, to treat spasticity. The company also has Fampridine-SR, for which it submitted an NDA to FDA in January to improve walking ability in people with multiple sclerosis. Fampridine-SR is a sustained-release formulation of 4-aminopyridine (4-AP). Acorda reported on Tuesday that Zanaflex posted 2008 sales of $53.4 million, up from $43.6 million in 2007. ...