RIVERTOWNS, N.Y. – Acorda Therapeutics, Inc. in Ardsley has acquired privately held biopharmaceutical company Civitas Therapeutics for $525 million.
As part of the acquisition, Acorda will obtain rights to CVT-301, a Phase 3 treatment candidate for OFF episodes of Parkinson’s disease -- when symptoms re-emerge despite taking medication.
The company will also obtain rights to Civitas’ proprietary ARCUS pulmonary delivery technology and manufacturing facility in Chelsea, Mass. “This acquisition marks a great day for Acorda and Civitas. Both companies share a passion for developing novel therapies that can restore function to people with neurological diseases. We also see substantial synergies between our capabilities, people and pipelines,” said Dr. Ron Cohen, Acorda's president and chief executive officer.
“The acquisition adds an exciting product candidate to Acorda’s pipeline that addresses a significant unmet need in Parkinson’s disease. It also leverages Acorda’s existing development and commercial capabilities and creates an opportunity for us to develop a global presence. In addition, Civitas’ ARCUS technology adds a proprietary platform with the potential for future development opportunities.”
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