Acorda Therapeutics Inc. entered into a cooperation agreement with Scopia Capital Management LP, a minority investor in the company.
Under the terms of the agreement, Scopia will be entitled to appoint two directors to Acorda's board in the period between the 2018 annual meeting and Jan. 1, 2019. Scopia will also support the U.S.-based biotechnology company's nominees for the board at the 2018 annual meeting.
In August 2017, Scopia called on Acorda's board to review all strategic alternatives, including a sale of the company.
Scopia held about 18.13% of Acorda's outstanding common shares as of Dec. 31, 2017, according to S&P Global Market Intelligence data.
