Acorda Therapeutics urged to sell by shareholder Third Point

By Lisa Kerner

Charlotte, N.C., Feb. 22 - Acorda Therapeutics, Inc. shareholder Third Point LLC, which holds 2.29 million, or 9.9%, of the company's outstanding shares, is recommending the company be sold, according to a schedule 13D filed with the Securities and Exchange Commission.

In September, Acorda announced significant results of a phase 3 study of its multiple sclerosis drug Fampridine-SR, which boosted the Hawthorne, N.Y., biopharmaceutical company's stock price to $22.61 on Feb. 21, from $2.22 on Sept. 22.

"We strongly believe that Fampridine-SR would have the greatest value in the hands of a seasoned worldwide multiple sclerosis drug developer and marketer. A larger, more experienced company would be able to expedite Fampridine-SR through the Food and Drug Administration and into the hands of patients more quickly and efficiently," Third Point chief executive officer Daniel S. Loeb said in a letter to Acorda chief executive Ron Cohen included with the SEC filing.

"Accordingly, we believe that the board of directors should immediately retain an investment bank and undergo a process to sell the company in its entirety and forego the recently announced plan to partner Fampridine-SR only in Europe," Loeb added.

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