ACOR - Acorda Therapeutics to sell Inbrija manufacturing operations for $80M reduces headcount by 16% shares up 65%

Acorda Therapeutics (ACOR) jumps 65% premarket after entering into an agreement for the sale of its Inbrija manufacturing operations in Chelsea, Massachusetts to Catalent (CTLT) for $80M in cash.In connection with the sale, both the companies have entered into a global supply agreement under which Catalent will manufacture and package Inbrija for Acorda. As part of the deal, Catalent will absorb all Acorda employees who work at the Chelsea facility, and certain at the Waltham, Massachusetts facility. The transaction is expected to be completed in Q1 2021.ACOR also announced a corporate restructuring to reduce costs and focus its resources on Inbrija. Acorda is reducing its combined Ardsley, Waltham and field headcount by ~16% through a reduction in force. Q4 and FY20 Inbrija net revenue is expected of ~$9M and ~$24M, respectively.Q4 and FY20 Ampyra (dalfampridine) net revenue of ~$25M and ~$98M, respectively. The company expects that combined savings from the sale, restructuring and other operating cost reductions will

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Acorda Therapeutics to sell Inbrija manufacturing operations for $80M, reduces headcount by 16%, shares up 65%