Acorda Therapeutics, Inc.: M&A transaction — Acorda Therapeutics completes $185M asset sale to Merz, no stockholder recovery

Acorda Therapeutics, Inc.

On July 10, 2024, Acorda completed the sale of substantially all assets to Merz Pharmaceuticals for $185 million, as part of its Chapter 11 proceedings.
Approximately $139 million of the proceeds were distributed to secured creditors, including $62 million to repay the debtor-in-possession loan.
No proceeds are expected for common stockholders; the company's stock will be cancelled upon effectiveness of the liquidation plan.
The company anticipates deregistering its common stock after Court confirmation of the plan; trading is highly speculative.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Acorda Therapeutics, Inc. completed a disposition involving Merz Pharmaceuticals, LLC for $185.0 million (closed 2024-07-10).

Action: disposition
Counterparty: Merz Pharmaceuticals, LLC
Consideration: $185.0 million
Closing: 2024-07-10

Exact text from the filing

payment obligations thereunder, Merz Pharma GmbH & Co. KGaA. The Asset Purchase Agreement provides for the sale of substantially all of the Company’s assets to the Purchaser for $185.0 million, less certain deductions and adjustments as specified in the Asset Purchase Agreement (the “Asset Sale”). On April 1, 2024, the Company, together with certain of its subsidiaries

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Source: SEC EDGAR

accession 0000950170-24-082994

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