Acorda Therapeutics Inc.(NASDAQ:ACOR) saw its shares jump over 15% in pre-market trading after media reports suggested that Biogen Inc (NASDAQ:BIIB) and others are eyeing the biotech company as a possible takeover target.
The speculation comes after Acorda on Thursday provided preliminary guidance for its 2017 sales to be US$542mln, an increase of approximately 10% from 2016 but below the consensus estimate for US$568mln.
READ: Acorda Therapeutics' shares drop as US FDA refuses new drug application for Parkinson's treatment
Acorda’s chief executive Ron Cohen said then that he expects 2018 to be a transformative year and for the company to achieve approval and launch its Inbrija investigational inhaled levodopa treatment for symptoms of OFF periods in people with Parkinson's disease taking carbidopa/levodopa.
In pre-market New York trading, Acorda shares were up 15.6% at US$28.90.