Acorda Therapeutics, Inc. (NASDAQ:ACOR) shares hiked after Point72 reported a 9.8% passive stake in the company.
The company currently markets two products: Ampyra (dalfampridine) to improve walking in MS patients and Inbrija (levodopa inhalation powder) for OFF episodes in Parkinson's patients. The company is expecting the latter to be the growth driver since the former now has generic competition.
Q3 revenue was $47.7 million, down 67%.
The company, based in Ardsley, New York, finished calendar 2019 by completing a private exchange of $276 million aggregate principal amount of its 1.75% Convertible Senior Notes due June 2021 for a combination of approximately $207 million aggregate principal amount of newly issued 6.00% Convertible Senior Secured Notes due 2024 and $55.2 million in cash.
The initial conversion rate for the New Convertible Secured Notes is 285.7142 shares of the company’s common stock per $1,000 principal amount of New Convertible Secured Notes, which is equivalent to an initial conversion price of approximately $3.50 per share, which represents a premium of approximately 97% above the company’s closing stock price on December 20, 2019.
Point72 was founded in 2014 as the successor to S.A.C. Capital, after the firm pleaded guilty to federal insider trading charges and paid a $1.8 billion fine.
In March 2014, S.A.C. Capital transferred the bulk of its assets to Point72 and was placed in "run-off," or a winding down of its operations.
During this transition, Point72 launched a program a firm spokesperson referred to in a Wall Street Journal article as "the first phase of its transformation and renewal.
ACOR shares popped 36 cents, or 18.4%, to $2.32
