Acor­da files for bank­rupt­cy, agrees to sell MS drug and oth­er as­sets to Merz for $185M

Acor­da Ther­a­peu­tics’ stock tanked Tues­day af­ter an­nounc­ing Chap­ter 11 bank­rupt­cy and the sale of its as­sets to Merz Ther­a­peu­tics for $185 mil­lion.

The once high-fly­ing biotech’s stock $ACOR was down 72%, with shares go­ing for about $3.85.

“This op­tion is in the best in­ter­est of stake­hold­ers,” Acor­da CEO Ron Co­hen said in a state­ment. “We are con­fi­dent that Merz Ther­a­peu­tics, if they are the ul­ti­mate ac­quir­er, will be able to seam­less­ly con­tin­ue serv­ing these pa­tients’ needs.”

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