Acorda Announces Royalty Monetization Transactions for $53 Million


ARDSLEY, N.Y.--(BUSINESS WIRE)--Acorda Therapeutics, Inc. (Nasdaq: ACOR) announced a $40 million royalty monetization with HealthCare Royalty Partners (HCR) and a $13 million royalty monetization with H. Lundbeck A/S.

In return for the payment to Acorda, HCR obtains the right to receive royalty revenue on FAMPYRA® (prolonged-release fampridine tablets) payable by Biogen, up to an agreed upon threshold of royalties. After this threshold is met, if ever, Acorda will continue to receive FAMPYRA royalty revenue until this revenue stream ends. The transaction does not include potential future milestones to be paid by Biogen.

H. Lundbeck and Acorda have amended the license agreement for Selincro® to eliminate future royalty and milestone obligations on sales of Selincro outside of the United States.

Morgan Stanley & Co. LLC served as sole structuring agent on the Fampyra monetization and Covington & Burling LLP served as legal advisor to Acorda.

About FAMPYRA Royalties
FAMPYRA® (prolonged-release fampridine tablets) is a treatment indicated to improve walking in adult patients with multiple sclerosis (MS) who have walking disability. Biogen has had a license from Acorda to develop and commercialize FAMPYRA in all markets outside the United States under a Collaboration Agreement signed in 2009.

About Healthcare Royalty Partners
HCR is a private investment firm that purchases royalties and uses debt-like structures to invest in commercial or near-commercial stage life science assets. HCR has $3.5 billion in cumulative capital commitments with offices in Stamford (CT), San Francisco, Boston and London. Since 2003, HCR's senior professionals have completed more than 60 healthcare investments. For more information, visit

About Lundbeck
H. Lundbeck A/S is a global pharmaceutical company specialized in psychiatric and neurological disorders. For more than 70 years, they have been at the forefront of research within neuroscience. Key areas of focus are depression, schizophrenia, Parkinson's disease and Alzheimer's disease. For additional information, visit

About Selincro
Selincro is a European Medicines Agency (EMA)-approved orally administered therapy for alcohol dependence therapy. Selincro has been introduced across Europe by Biotie's partner, H. Lundbeck A/S, a Danish pharmaceutical company specializing in central nervous system products. Selincro is not approved for use in the U.S. and is not under development for use in the U.S.

About Acorda Therapeutics

Founded in 1995, Acorda Therapeutics is a biopharmaceutical company focused on developing therapies that restore function and improve the lives of people with neurological disorders. Acorda has a pipeline of novel neurological therapies addressing a range of disorders, including Parkinson’s disease and multiple sclerosis. Acorda markets two FDA-approved therapies, including AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg.

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