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Biotech / Medical : Acorda Therapeutics Inc.
ACOR 0.880-13.8%Apr 10 5:00 PM EST

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From: Arthur Radley3/24/2009 10:16:20 AM
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Hapoalim Securities Initiates Coverage on Acorda Therapeutics (ACOR) with a Market Outperform
9:43 AM EDT March 24, 2009
Hapoalim Securities initiates coverage on Acorda Therapeutics (Nasdaq: ACOR) with a Market Outperform.

Hapoalim analyst says, "Acorda is one of a rarified group of emerging biopharmaceutical firms with a proprietary sales and marketing infrastructure. The company has a 65-strong sales force marketing ZanaflexT tizanidine), an anti-spasticity drug in-licensed from Elan (NYSE: ELN)...Since there is significant overlap between high prescribers of ZanaflexT and specialists who see large numbers of MS patients, Acorda could exploit synergy in comarketing ZanaflexT and Fampridine-SR to the same neurologists. The firm plans to roughly double the size of its sales force in order to launch Fampridine-SR in the US - a territory where Acorda has Orphan Drug market exclusivity for seven years post-launch...We derive our target price from a composite risk-adjusted Net Present Value (rNPV)approach, which evaluates the firm's marketed anti-spasticity drug ZanaflexT and lead candidate Fampridine-SR for multiple sclerosis (MS) to yield a total firm value of $1.3B."

Acorda Therapeutics, Inc. (Acorda) is a commercial-stage biopharmaceutical company engaged in the identification, development and commercialization of therapies that improve neurological function in people with multiple sclerosis (MS), spinal cord injury (SCI), and other disorders of the central nervous system (CNS).
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