Acorda Therapeutics, Inc.
CASE STUDY
What did we do?
Baker McKenzie acted as lead counsel for Acorda Therapeutics, formerly a public company listed on NASDAQ, in its USD 185 million sale of substantially all its assets to Merz Therapeutics.
Baker McKenzie advised Acorda Therapeutics, Inc. on the sale of substantially all its assets pursuant to section 363 of the U.S. Bankruptcy Code to Merz Therapeutics, including the rights to INBRIJA, AMPYRA, and FAMPYRA for USD 185 million.
In depth
The sale was implemented under the protection of Chapter 11 of the U.S. Bankruptcy Code that involved the restructuring of USD 207 million in secured public bond debt pursuant to a Restructuring Support Agreement pursuant to a Chapter 11 Plan and a going-concern section 363 sale of INBRIJA, AMPYRA, and FAMPYRA.
Merz Therapeutics, a leader in the field of neurotoxins, is a member of the global family-owned Merz Group, headquartered in Frankfurt am Main, Germany.
Journey of the transaction
John Dodd
Partner, Miami
Blaire Cahn
Partner, New York
How we can help
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March 31, 2024
Stalking Horse Agreement:
Acorda Therapeutics and Merz Therapeutics entered into to a Stalking Horse Agreement provided for the sale of INBRIJA, AMPYRA, and FAMPYRA for a purchase price of USD 185 million and other customary terms and conditions of a section 363 sale.
April 1, 2024
Chapter 11 Filing:
Acorda and its affiliates commenced voluntary Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York to implement the restructuring of its bond debt pursuant to the Restructuring Support Agreement and the sale of its assets in accordance with the Stalking Horse Agreement.
April 29, 2024
Approval of bidding procedures:
The Bankruptcy Court entered an order approving the bidding procedures as contemplated by the Restructuring Support Agreement and Stalking Horse Agreement.
June 12, 2024
Sale Approval:
Subsequent to the sale hearing on June 7, 2024, the sale order was authorized and approved by the Bankruptcy Court.
July 10, 2024
The sale to Merz Therapeutics contemplated under the Stalking Horse Agreement was consummated.
Cross border transaction
United States
United Kingdom
Belgium
Germany
Mark Mandel
Partner, New York
Piotr Korzynski
Partner, Chicago
Randall Sunberg
Partner, New York
BANKCRUPTCY
M&A
CAPITAL MARKETS
Our team
Our cross-border M&A team, in collaboration with our bankruptcy litigation colleagues, leveraged their extensive expertise in healthcare & life sciences distressed M&A to execute this transaction seamlessly for our client.
Headed by Bankruptcy partners Blaire Cahn (New York) and John Dodd (Miami), along with Capital Markets partner Mark Mandel (New York), and M&A partners Piotr Korzynski (Chicago) and Randall Sunberg (New York/Princeton), the Baker McKenzie core team was further strengthened by experts from the Bankruptcy, Intellectual Property, FDA, and Antitrust teams.
They're a trusted partner for us at every stage of the transaction. We know they'll get the job done and they'll do it well, they'll do it in a timely manner and they'll give us really good advice along the way that's both pragmatic and well thought out. Chambers, Life Sciences - USA - Nationwide
