Acorda Stock Soars on European Surprise

The European Medicine Agency (EMA) recommended conditional marketing authorization of Acorda Therapeutics’ (NASDAQ: [[ticker:ACOR]]) prolonged-release multiple sclerosis drug, fampridine (Fampyra), for the improvement of walking in adult patients, according to a press release. Surprised investors pushed Acorda’s stock up 13% in morning trading to $30.22. The reversal of opinion was unexpected because even though the drug was approved last year in the U.S., in January, European officials say they weren’t convinced. The Hawthorne, NY-based company will have to provide more data to the agency, but it expects conditional marketing authorization within 67 days. Boston-based Biogen Idec (NASDAQ: [[ticker:BIIB]]) will market the drug in Europe under a licensing agreement with Acorda.

Author: Arlene Weintraub

Arlene is an award-winning journalist specializing in life sciences and technology. She was previously a senior health writer based out of the New York City headquarters of BusinessWeek, where she wrote hundreds of articles that explored both the science and business of health. Her freelance pieces have been published in USA Today, US News & World Report, Technology Review, and other media outlets. Arlene has won awards from the New York Press Club, the Association of Health Care Journalists, the Foundation for Biomedical Research, and the American Society of Business Publication Editors. Her book about the anti-aging industry, Selling the Fountain of Youth, was published by Basic Books in September 2010. View all posts by Arlene Weintraub