Acorda Therapeutics Inc ( ACOR ) shares are trading lower by 75% to $3.34 during Tuesday’s session after the company provided a series of business updates, including commencing voluntary proceedings under Chapter 11 of the United States Bankruptcy Code. Acorda on Monday canceled its fourth quarter and year-end 2023 earnings conference call. However, the company still plans to file its Annual Report on Form 10-K for the period ending December 31, 2023, as scheduled.

Acorda also said it entered into an asset purchase agreement with Merz Therapeutics to buy most of its assets, including rights to drugs like INBRIJA, AMPYRA and FAMPYRA, for $185 million. This move comes after Acorda filed for Chapter 11 bankruptcy protection to facilitate a competitive auction process for the sale of its assets, with Merz as the initial bidder. 

The company says the decision follows a strategic review and aims to ensure uninterrupted medication supply to patients with multiple sclerosis and Parkinson’s disease. Acorda will continue operations during the sale process, with support from its creditors and advisors.

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According to data from Benzinga Pro, ACOR has a 52-week high of $24.20 and a 52-week low of $8.98.