Acorda Therapeutics Files Chapter 11 Bankruptcy, Plans Sale (1)

Acorda Therapeutics Inc., a company that makes drugs for neurological disorders, filed for Chapter 11 bankruptcy with a plan to sell its assets to another pharmaceutical company for $185 million.

The biotechnology company’s drugs include Inbrija, a medication for Parkinson’s Disease. Acorda plans to sell the rights to Inbrija and its other medications to Merz Pharmaceuticals, according to a statement. Merz’s bid sets a floor price for the assets as part of a bankruptcy auction.

Acorda listed debts of $266.2 million against $108.5 million of assets in its bankruptcy petition filed on Monday in New York. The company ...