Acorda filed for bankruptcy, and Merz is eyeing its assets

Acorda Therapeutics has filed for bankruptcy protection, hoping to keep operating while it tries to arrange the sale of its main assets to a US subsidiary of Germany’s Merz.

The announcement made last night US time sparked a run on Acorda’s shares, down almost 62% at the time of writing. The news emerged shortly after Acorda cancelled its fourth-quarter results conference call, which was scheduled to take place yesterday.