Acorda shares rise after reports on buyout talks

Feb 24 (Reuters) – Shares of biotechnology firm Acorda Therapeutics Inc rose as much as 36 percent on Tuesday after Bloomberg News reported that Biogen Idec Inc was in talks to buy the company to get access to an experimental multiple sclerosis drug. The news report cited people familiar with the discussions.

‘We don’t comment on rumor or market speculation’ said Jeff Macdonald, a spokesman for Acorda, while Biogen spokeswoman Naomi Aoki declined to comment.

Acorda’s Fampridine-SR is designed to improve the walking ability of people with multiple sclerosis.

Shares of Acorda, which reported fourth-quarter results that were largely in line with market estimates, were up more than 17 percent at $25.24 in late afternoon trade on Nasdaq. Biogen shares were almost flat at $49.78.

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(Reporting by Esha Dey in Bangalore; Editing by Himani Sarkar) Keywords: ACORDA/SHARES

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