Acorda Therapeutics has signed an agreement to acquire Finland-based biopharmaceutical firm Biotie Therapies for approximately $363m.
Based in Turku, Biotie is involved in developing therapeutics for central nervous system disorders.
The company has designed product candidates to be used in the treatment of Parkinson’s disease and related dementia, as well as other neurodegenerative disorders and an orphan fibrotic liver disease called primary sclerosing cholangitis.
Acorda Therapeutics president and CEO Dr Ron Cohen said: "Our acquisition of Biotie positions Acorda as a leader in Parkinson’s disease therapeutic development, with three clinical-stage compounds that have the potential to improve the lives of people with Parkinson’s."
The deal will allow Acorda to receive worldwide rights to tozadenant, an oral adenosine A2a receptor antagonist currently in Phase III development in Parkinson’s disease (PD).
The company will also be provided with global rights to SYN120, an oral, 5-HT6 / 5-HT2A dual receptor antagonist for Parkinson’s-related dementia, which is currently in Phase II trial.
In addition, Acorda will acquire two other assets, including BTT1023 and Selincro.
BTT1023 is a fully human monoclonal antibody that is in Phase II development for the treatment of primary sclerosing cholangitis (PSC), and Selincro is a European Medicines Agency (EMA)-approved therapy for alcohol consumption reduction, which is marketed by Lundbeck in multiple European countries.
Subject to customary closing conditions, the deal is expected to complete in the second quarter of this year.