Acorda Acquires Biopharmaceutical Company Civitas Therapeutics
Acorda Therapeutics acquired Civitas Therapeutics for $525 million, giving Acorda all the rights to CVT-301, a Phase III candidate for off episodes of Parkinson's disease.
Acorda Therapeutics, a biotechnology company specializing in restorative neurological function therapies, announced on Sept. 24, 2014 that it has acquired Civitas Therapeutics, a privately held biopharmaceutical company, for $525 million. The acquisition combines two companies focused on neurological therapies and will afford Acorda the opportunity to develop a more global presence. In the acquisition, Acorda obtains all the rights to CVT-301, a Phase III treatment candidate for off episodes of Parkinson’s disease (PD). An off episode is a period of time during which PD symptoms re-emerge despite taking PD medications.
Acorda also gains the right to Civitas’ proprietary ARCUS pulmonary delivery technology and its manufacturing facility located in Chelsea, MA.
CVT-301 provides rapid delivery of a dry powder L-dopa formulation via a proprietary, pocket-sized, reusable inhaler fit with blister-pack capsules. The Phase III treatment is expected to begin enrolling in 2015, with potential filing of regulatory approval in the United States by the end of 2016.
Source: Acorda
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