Acorda Therapeutics Inc. filed SEC Form 8-K: Termination of a Material Definitive Agreement, Financial Statements and Exhibits
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Item 1.02 Termination of a Material Definitive Agreement.
On January 8, 2024, Acorda Therapeutics, Inc. (the “Company”) received a written notice of termination from Biogen International GmbH (“Biogen”) of the Collaboration and License Agreement, dated June 30, 2009, by and between the Company and Biogen, as amended (the “Collaboration Agreement”). Accordingly, the Company will regain global commercialization rights to FAMPYRA®(fampridine). Biogen exercised its right to terminate the Collaboration Agreement in order to shift resources towards upcoming launches and programs that align with its priorities. The termination will be effective as of January 1, 2025 (the “Termination Date”).
Under the Collaboration Agreement, Biogen was granted an exclusive license to develop and commercialize AMPYRA® (marketed by Biogen as FAMPYRA) in markets outside the U.S. FAMPYRA has been approved in a number of countries across Europe, Asia and the Americas. Biogen has responsibility for regulatory activities and clinical development of FAMPYRA in ex-U.S. markets worldwide. The Company will continue to receive double-digit tiered royalties on net sales of FAMPYRA until the transfer of regulatory authorizations have been completed on a country-by-country basis. Thereafter, the Company will receive revenues directly in markets serviced by the Company or through distributors or partners.
Effective as of the Termination Date the Collaboration Agreement will be terminated in its entirety and the license rights granted by the Company to Biogen will terminate. Following the Termination Date, the Company will not be entitled to receive any further royalty or milestone payments from Biogen. The Company and Biogen are working together toward a transition for the Company to commercialize and supply FAMPYRA for the great majority of people with multiple sclerosis outside the United States currently being served. The Company plans to assume commercialization responsibilities as soon as possible during 2024 as marketing authorization transfers and distribution arrangements are finalized for each territory.
The foregoing summary of the Collaboration Agreement is qualified in its entirety by reference to the full text of the Collaboration Agreement, which was filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed on August 7, 2019 and is incorporated herein by reference.
On January 11, 2024, the Company issued a press release announcing the termination of the Collaboration Agreement. A copy of the press release is being filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit No.
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Description |
10.1 |
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99.1 |
Press Release dated January 11, 2024.
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Acorda Therapeutics, Inc. |
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Date: |
January 11, 2024 |
By: |
/s/ Michael A. Gesser |
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Name: Title: |
Michael A. Gesser |