Scopia snags two board seats at Acorda following stock purchase; BeiGene nabs second indication for Revlimid in China
→ A hedge fund in New York has notified Acorda Therapeutics $ACOR that it owns nearly 8.5 million shares of the company’s common stock — or 18.1% of Acorda. Now, Scopia Capital Management LP says it wants two of its representatives on Acorda’s board. Acorda, which has a market cap just over $1 billion, announced Wednesday its entered into a cooperative agreement with Scopia, in which Scopia will appoint two directors to the board following the company’s 2018 annual meeting. “We appreciate the constructive dialogue we have had with Scopia, and are pleased to have reached this agreement,” said Ron Cohen, Acorda’s president and CEO, in a statement. “We are focused on continuing to meet our responsibilities to all of our stakeholders, including the many patients with debilitating neurological disorders who are served by our innovative therapies, and our highly dedicated employees.”
→ In a boost to its commercial plans in China, BeiGene $BGNE has received a second approval for Revlimid, a Celgene cancer drug it got exclusive China rights to. The expanded label covers the treatment of patients with newly diagnosed multiple myeloma who are not eligible for transplant, adding to the 2013 approval for second-line use. In both cases, Revlimid is to be used in combination with dexamethasone. Revlimid was a top earner for Celgene, with $8.2 billion in sales in 2017.
With additional reporting by Amber Tong.