trending Market Intelligence /marketintelligence/en/news-insights/trending/5B9H9kQxttPiSpmiZSmErQ2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Activist investor calls on Acorda Therapeutics to explore sale

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory

Activist investor calls on Acorda Therapeutics to explore sale

Scopia Capital Management LP, the owner of roughly 17% of Acorda Therapeutics Inc.'s common stock, called on the drugmaker's board to review all strategic alternatives, including a sale of the company.

In an Aug. 7 letter, Scopia Capital said the investor has been supportive of the company's strategy to this point. However, it now believes it is time to sell the company, adding that in 2018 the business will revert to "burning cash with a levered balance sheet and no clear timeline to return to profitability."

The investor believes that continuing to follow an independent strategy presents significant risk for stockholders. It also urged the board to appoint a special committee of independent directors to oversee a review of all strategic alternatives to maximize value.

"We are highly confident that multiple qualified, potential buyers would be interested in engaging with Acorda at a significant premium to its present value," Scopia Capital said.

Scopia Capital said that it believes in the value of Inbrija but that it will take time to launch and will likely only replace Ampyra revenue, while Tozadenant may or may not succeed in its phase 3 trial. "That is a lot of development risk for shareholders to bear," the investor said.

The letter comes after a judge invalidated several patents for Acorda's Ampyra. The company plans to appeal the ruling.

Acorda responded by saying it welcomes open communications with all shareholders and values their constructive input, and it has thoroughly considered options to enhance shareholder value as it regularly does.

The company said a sale at this time would not "adequately compensate shareholders" for the potential benefits of its late-stage programs and initiating a sale process or a public review of strategic alternatives would destabilize operations, hinder its ability to execute its business plan and risk significantly devaluing the company.

Acorda said it is taking steps to implement its focused plan on value creation. It has diversified its portfolio and invested in its late-stage pipeline, including Inbrija and Tozadenantz for Parkinson's disease, and has reduced operating expenses by about $50 million in 2017.