Leerink Swann Upgrades Acorda Therapeutics (ACOR) Two-Notches to Outperform
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Leerink Swann upgrades Acorda Therapeutics (Nasdaq: ACOR) from Underperform to Outperform and raises their price target from $15 to $30, following the Fampridine deal signed with Biogen Idec (Nasdaq: BIIB) yesterday.
The firm notes, BIIB deal validates Fampridine NDA since BIIB likely had access to the NDA application and RTF letter during its due diligence process. BIIB is very familiar with multiple sclerosis (MS) therapies, and as it was willing to invest $110MM upfront after reviewing internal ACOR documents, then we believe the Fampridine NDA has been well vetted by an expert. The favorable BIIB deal terms include a $110MM upfront payment, $400MM EU regulatory/ commercial milestones, and tiered double-digit royalties.
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