Sector News

Acorda to buy Finland's Biotie for $363 million

January 20, 2016
Life sciences

(Reuters) – U.S. biotechnology company Acorda Therapeutics Inc. (ACOR.O) announced on Tuesday an agreed $363 million cash bid for all of the shares in Finland’s Biotie Therapies (BTH1V.HE).

Acorda said the acquisition would expand its pipeline in Parkinson’s disease therapies.

The company will offer 0.294 euros for each Biotie share, a premium of about 95 percent compared with the closing price on Monday.

Biotie shares had jumped 79 percent to 0.27 euros by 0824 GMT (3.24 a.m. ET).

(Reporting by Tuomas Forsell; Editing by Jussi Rosendahl and Mark Potter)

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