Acorda Therapeutics (ACOR) surges on repayment of senior notes

Acorda Therapeutics, Inc. (ACOR) today announced that on June 15, 2021, it repaid in full its 1.75% Convertible Senior Notes due 2021. Prior to their maturity and repayment, there were $69.0 million aggregate principal amount of 2021 notes outstanding. The 2021 notes were repaid using cash on hand.

“The repayment of the 2021 notes removes an overhang on the company and is another important milestone in our strategy, following the sale of our manufacturing operations earlier this year. We are focused on accelerating the growth of INBRIJA, continuing to maintain the strength of AMPYRA, and optimizing the company’s financial structure,” said Ron Cohen, M.D., Acorda’s President and Chief Executive Officer. “We have maintained cost discipline since our restructuring announcement in February and are continuing to drive toward cash flow breakeven.”