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ACOR - Acorda Therapeutic to receive $15M milestone payment from Biogen
Acorda Therapeutics Inc.
Acorda Therapeutic (ACOR) jumps 69% in pre-market trading, as it announces receiving a $15M milestone payment from Biogen International GmbH.The payment is with respect to Acorda’s license agreement with Biogen, based on Biogen’s ex-U.S. net sales of Fampyra exceeding $100M over the four consecutive quarters ending with 3Q20.Acorda to retain ~$14M of the milestone payment net of the Company’s payment obligations to another party.The payment is expected by the end of October 2020.