Acorda Stock Soars on European Surprise
The European Medicine Agency (EMA) recommended conditional marketing authorization of Acorda Therapeutics’ (NASDAQ: 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: BIIB) will market the drug in Europe under a licensing agreement with Acorda.