Delaware
|
|
000-50513
|
|
13-3831168
|
(State or other jurisdiction
|
|
(Commission
|
|
(I.R.S. Employer
|
of incorporation)
|
|
File Number)
|
|
Identification No.)
|
|
|
|
|
|
|
|
420 Saw Mill River Road,
Ardsley, NY
|
|
10502
|
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
|
|
|
Registrant's telephone number, including area code: (914) 347-4300
|
i.
|
The audited consolidated financial statements of Biotie as of and for each of the years ended December 31, 2015 and 2014 prepared in accordance with International Financial Reporting Standards ("IFRS") and presented in EUR as the reporting currency are filed as Exhibit 99.1 and incorporated herein by reference.
|
ii.
|
The unaudited condensed consolidated financial statements of Biotie as of March 31, 2016 and December 31, 2015 and for the three-month periods ended March 31, 2016 and 2015 prepared in accordance with IFRS and presented in EUR as the reporting currency are filed as Exhibit 99.2 and incorporated herein by reference.
|
i.
|
Unaudited pro forma condensed combined Balance Sheet as of March 31, 2016
|
ii.
|
Unaudited pro forma condensed combined Statements of Operations for the year ended December 31, 2015 and for the three months ended March 31, 2016
|
Exhibit No.
|
Description
|
23.1
|
Consent of PricewaterhouseCoopers Oy.
|
99.1
|
Audited consolidated financial statements of Biotie, as of and for each of the years ended December 31, 2015 and 2014, prepared in accordance with IFRS and presented in EUR as the reporting currency. Incorporated herein by reference to Biotie's Annual Report on Form 20-F (File Number 001-37423) filed on March 22, 2016.
|
99.2
|
Unaudited condensed consolidated financial statements of Biotie as of March 31, 2016 and December 31, 2015 and for the three-month periods ended March 31, 2016 and 2015 prepared in accordance with IFRS and presented in EUR as the reporting currency. Incorporated herein by reference to Exhibit 99.1 of Biotie's Report on Form 6-K (File Number (001-37423) filed on May 12, 2016.
|
99.3
|
Unaudited pro forma condensed combined Balance Sheet as of March 31, 2016 and unaudited pro forma condensed combined Statements of Operations for the year ended December 31, 2015 and for the three months ended March 31, 2016 and explanatory notes.
|
|
Acorda Therapeutics, Inc.
|
|
|
|
|
June 27, 2016
|
By:
|
/s/ Michael Rogers
|
|
|
Name: Michael Rogers
|
|
|
Title: Chief Financial Officer
|
Exhibit No.
|
Description
|
23.1
|
Consent of PricewaterhouseCoopers Oy.
|
99.3
|
Unaudited pro forma condensed combined Balance Sheet of Acorda as of March 31, 2016 and unaudited pro forma condensed combined Statements of Operations of Acorda for the year ended December 31, 2015 and for the three months ended March 31, 2016 and explanatory notes.
|
·
|
The accompanying notes to the Pro Forma Financial Information;
|
·
|
The audited consolidated financial statements of Acorda included in our Annual Report on Form 10–K for the fiscal year ended December 31, 2015, and filed with the SEC on February 29, 2016;
|
·
|
The historical unaudited consolidated financial statements of Acorda included in our Quarterly Report on Form 10–Q as of and for the three months ended March 31, 2016, and filed with the SEC on May 5, 2016;
|
·
|
The historical audited consolidated financial statements of Biotie for the year ended December 31, 2015, which were prepared in accordance with IFRS in EUR as the reporting currency, attached as Exhibit 99.1 to the Form 8–K/A; and
|
·
|
The historical unaudited interim condensed consolidated financial statements of Biotie as of and for the three months ended March 31, 2016 and for the three months ended March 31, 2015, prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting," as issued by the International Accounting Standards Board in EUR as the reporting currency, attached as Exhibit 99.2 to the Form 8–K/A.
|
Historical
Acorda
as
Presented
|
Historical
Biotie
Adjusted for U.S.
GAAP and Reclassifications
|
Pro Forma
Adjustments
|
Note
|
Pro Forma
Combined
|
||||||||||||||||
(Note 4)
|
||||||||||||||||||||
Assets
|
||||||||||||||||||||
Current assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
431,414
|
$
|
77,231
|
$
|
(351,449
|
)
|
5(a)
|
|
$
|
157,196
|
|||||||||
Restricted cash
|
190
|
-
|
-
|
190
|
||||||||||||||||
Trade accounts receivable, net
|
41,623
|
680
|
-
|
42,303
|
||||||||||||||||
Prepaid expenses
|
14,312
|
427
|
-
|
14,739
|
||||||||||||||||
Finished goods inventory
|
39,667
|
-
|
-
|
39,667
|
||||||||||||||||
Other current assets
|
17,075
|
742
|
-
|
17,817
|
||||||||||||||||
Total current assets
|
544,281
|
79,080
|
(351,449
|
)
|
271,912
|
|||||||||||||||
Property and equipment, net of accumulated depreciation
|
38,027
|
565
|
-
|
38,592
|
||||||||||||||||
Goodwill
|
183,636
|
7,110
|
90,167
|
5(b)
|
|
280,913
|
||||||||||||||
Deferred tax asset
|
12,273
|
-
|
-
|
12,273
|
||||||||||||||||
Intangible assets, net of accumulated amortization
|
430,491
|
57,930
|
267,570
|
5(b)
|
|
755,991
|
||||||||||||||
Non-current portion of deferred cost of license revenue
|
2,747
|
-
|
-
|
2,747
|
||||||||||||||||
Other assets
|
239
|
4,393
|
-
|
4,632
|
||||||||||||||||
Total assets
|
$
|
1,211,694
|
$
|
149,078
|
$
|
6,288
|
$
|
1,367,060
|
||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||
Accounts payable
|
$
|
21,355
|
$
|
1,619
|
$
|
-
|
$
|
22,974
|
||||||||||||
Accrued expenses and other current liabilities
|
73,475
|
5,467
|
6,593
|
5(b)
|
|
103,828
|
||||||||||||||
18,293
|
5(c)
|
|
||||||||||||||||||
Current portion of deferred license revenue
|
9,057
|
-
|
-
|
9,057
|
||||||||||||||||
Current portion of convertible notes payable
|
1,117
|
-
|
-
|
1,117
|
||||||||||||||||
Total current liabilities
|
105,004
|
7,086
|
24,886
|
136,976
|
||||||||||||||||
Convertible senior notes (due 2021)
|
292,624
|
-
|
-
|
292,624
|
||||||||||||||||
Acquired contingent consideration
|
69,700
|
-
|
-
|
69,700
|
||||||||||||||||
Non-current portion of deferred license revenue
|
39,249
|
-
|
-
|
39,249
|
||||||||||||||||
Deferred tax liability
|
12,146
|
-
|
89,038
|
5(b)
|
|
101,184
|
||||||||||||||
Other non-current liabilities
|
8,959
|
37,491
|
(10,667
|
)
|
5(b)
|
|
35,783
|
|||||||||||||
Commitments and contingencies
|
||||||||||||||||||||
Stockholders' equity:
|
||||||||||||||||||||
Total Acorda stockholders' equity
|
684,012
|
104,501
|
(122,794
|
)
|
5(d)
|
|
665,719
|
|||||||||||||
Noncontrolling interests
|
-
|
-
|
25,825
|
5(b)
|
|
25,825
|
||||||||||||||
Total stockholders' equity
|
684,012
|
104,501
|
(96,969
|
)
|
691,544
|
|||||||||||||||
Total liabilities and stockholders' equity
|
$
|
1,211,694
|
$
|
149,078
|
$
|
6,288
|
$
|
1,367,060
|
Historical
Acorda
as
Presented
|
Historical
Biotie
Adjusted for U.S.
GAAP and Reclassifications
|
Pro Forma
Adjustments
|
Note
|
Pro Forma
Combined
|
||||||||||||||||
(Note 4)
|
||||||||||||||||||||
Revenues:
|
||||||||||||||||||||
Net product revenues
|
$
|
466,111
|
$
|
-
|
$
|
-
|
$
|
466,111
|
||||||||||||
Royalty revenues
|
17,492
|
3,356
|
-
|
20,848
|
||||||||||||||||
License revenue
|
9,057
|
-
|
-
|
9,057
|
||||||||||||||||
Milestone revenue
|
-
|
791
|
-
|
791
|
||||||||||||||||
Total net revenues
|
492,660
|
4,147
|
-
|
496,807
|
||||||||||||||||
Costs and expenses:
|
||||||||||||||||||||
Cost of sales
|
92,297
|
-
|
9,286
|
5(e)
|
|
101,583
|
||||||||||||||
Cost of license revenue
|
634
|
-
|
-
|
634
|
||||||||||||||||
Research and development
|
149,209
|
28,162
|
(104
|
)
|
5(e)
|
|
177,267
|
|||||||||||||
Selling, general and administrative
|
205,630
|
8,460
|
(855
|
)
|
5(e)
|
|
213,235
|
|||||||||||||
Changes in fair value of acquired contingent consideration
|
10,900
|
-
|
-
|
10,900
|
||||||||||||||||
Total operating expenses
|
458,670
|
36,622
|
8,327
|
503,619
|
||||||||||||||||
Operating income (loss)
|
33,990
|
(32,475
|
)
|
(8,327
|
)
|
(6,812
|
)
|
|||||||||||||
Other income (expense), net:
|
||||||||||||||||||||
Interest and amortization of debt discount expense
|
(15,472
|
)
|
(747
|
)
|
(338
|
)
|
5(e)
|
|
(16,557
|
)
|
||||||||||
Interest income
|
440
|
24
|
-
|
464
|
||||||||||||||||
Other income
|
411
|
1,803
|
-
|
2,214
|
||||||||||||||||
Total other income (expense), net
|
(14,621
|
)
|
1,080
|
(338
|
)
|
(13,879
|
)
|
|||||||||||||
Income (loss) from Continuing Operations before taxes
|
19,369
|
(31,395
|
)
|
(8,665
|
)
|
(20,691
|
)
|
|||||||||||||
Benefit (provision) for income taxes
|
(8,311
|
)
|
-
|
(244
|
)
|
5(f)
|
|
(8,555
|
)
|
|||||||||||
Income (loss) from Continuing Operations
|
11,058
|
(31,395
|
)
|
(8,909
|
)
|
(29,246
|
)
|
|||||||||||||
Less: Loss attributable to noncontrolling interests
|
-
|
2,149
|
610
|
5(g)
|
|
2,759
|
||||||||||||||
Income (loss) from Continuing Operations attributable to Acorda
|
$
|
11,058
|
$
|
(29,246
|
)
|
$
|
(8,299
|
)
|
$
|
(26,487
|
)
|
|||||||||
Earnings (loss) from Continuing Operation per common share attributable to Acorda
|
||||||||||||||||||||
Basic
|
$
|
0.26
|
$
|
(0.63
|
)
|
|||||||||||||||
Diluted
|
$
|
0.25
|
$
|
(0.63
|
)
|
|||||||||||||||
Weighted average common shares of Acorda used in computing net income (loss) per share
|
||||||||||||||||||||
Basic
|
42,230
|
42,230
|
||||||||||||||||||
Diluted
|
43,621
|
42,230
|
||||||||||||||||||
Historical
Acorda
as
Presented
|
Historical
Biotie
Adjusted for U.S.
GAAP and Reclassifications
|
Pro Forma
Adjustments
|
Note
|
Pro Forma
Combined
|
||||||||||||||||
(Note 4)
|
||||||||||||||||||||
Revenues:
|
||||||||||||||||||||
Net product revenues
|
$
|
110,148
|
$
|
-
|
$
|
-
|
$
|
110,148
|
||||||||||||
Royalty revenues
|
3,492
|
840
|
-
|
4,332
|
||||||||||||||||
License revenue
|
2,264
|
-
|
-
|
2,264
|
||||||||||||||||
Total net revenues
|
115,904
|
840
|
-
|
116,744
|
||||||||||||||||
Costs and expenses:
|
||||||||||||||||||||
Cost of sales
|
23,186
|
-
|
2,321
|
5(e)
|
|
25,507
|
||||||||||||||
Cost of license revenue
|
159
|
-
|
-
|
159
|
||||||||||||||||
Research and development
|
44,570
|
6,080
|
(20
|
)
|
5(e)
|
|
50,630
|
|||||||||||||
Selling, general and administrative
|
58,980
|
5,102
|
(7,859
|
)
|
5(e)
|
|
56,223
|
|||||||||||||
Changes in fair value of acquired contingent consideration
|
6,200
|
-
|
-
|
6,200
|
||||||||||||||||
Total operating expenses
|
133,095
|
11,182
|
(5,558
|
)
|
138,719
|
|||||||||||||||
Operating income (loss)
|
(17,191
|
)
|
(10,342
|
)
|
5,558
|
(21,975
|
)
|
|||||||||||||
Other income (expense), net:
|
||||||||||||||||||||
Interest and amortization of debt discount expense
|
(3,723
|
)
|
(161
|
)
|
(87
|
)
|
5(e)
|
|
(3,971
|
)
|
||||||||||
Interest income
|
215
|
29
|
-
|
244
|
||||||||||||||||
Other income (expense)
|
10,442
|
(2,167
|
)
|
(10,289
|
)
|
5(e)
|
|
(2,014
|
)
|
|||||||||||
Total other income (expense), net
|
6,934
|
(2,299
|
)
|
(10,376
|
)
|
(5,741
|
)
|
|||||||||||||
Loss from Continuing Operations before taxes
|
(10,257
|
)
|
(12,641
|
)
|
(4,818
|
)
|
(27,716
|
)
|
||||||||||||
Benefit (provision) for income taxes
|
9,737
|
-
|
3,730
|
5(f)
|
|
13,467
|
||||||||||||||
Loss from Continuing Operations
|
(520
|
)
|
(12,641
|
)
|
(1,088
|
)
|
(14,249
|
)
|
||||||||||||
Less: Loss attributable to noncontrolling interests
|
-
|
865
|
75
|
5(g)
|
|
940
|
||||||||||||||
Loss from Continuing Operations attributable to Acorda
|
$
|
(520
|
)
|
$
|
(11,776
|
)
|
$
|
(1,013
|
)
|
$
|
(13,309
|
)
|
||||||||
Loss from Continuing Operations per common share attributable to Acorda
|
||||||||||||||||||||
Basic
|
$
|
(0.01
|
)
|
$
|
(0.30
|
)
|
||||||||||||||
Diluted
|
$
|
(0.01
|
)
|
$
|
(0.30
|
)
|
||||||||||||||
Weighted average common shares of Acorda used in computing net loss per share
|
||||||||||||||||||||
Basic
|
44,815
|
44,815
|
||||||||||||||||||
Diluted
|
44,815
|
44,815
|
||||||||||||||||||
|
|
USD/EUR
|
|||
As of March 31, 2016
|
Period End Spot Rate
|
$
|
1.14
|
||
Year ended December 31, 2015
|
Average Spot Rate
|
$
|
1.11
|
||
Three months ended March 31, 2016
|
Average Spot Rate
|
$
|
1.10
|
(In thousands)
|
Amount
|
|||
Current assets
|
$
|
79,080
|
||
Other long-term assets
|
4,958
|
|||
Intangible assets
|
325,500
|
|||
Current liabilities
|
(13,679
|
)
|
||
Deferred taxes
|
(89,038
|
)
|
||
Other long-term liabilities
|
(26,824
|
)
|
||
Fair value of assets and liabilities acquired
|
|
279,997
|
||
Goodwill
|
97,277
|
|||
Total purchase price
|
377,274
|
|||
Less: Noncontrolling interests
|
(25,825
|
)
|
||
Purchase consideration on date of acquisition
|
$
|
351,449
|
(In thousands)
|
Useful life
|
Amount
|
||
Currently marketed products
|
7 years
|
$
|
65,000
|
|
IPR&D
|
|
260,500
|
||
Total intangible assets acquired
|
|
$
|
325,500
|
As of March 31, 2016
|
|||||||||||||||||
Under IFRS
In EUR *
|
Adjustments to Reconcile to U.S. GAAP and to conform to Acorda's presentation
In EUR
|
Ref.
|
Under
U.S. GAAP and conforming to Acorda's presentation
In EUR
|
Under
U.S. GAAP
In USD
|
|||||||||||||
(in thousands)
|
|||||||||||||||||
Assets
|
|||||||||||||||||
Current assets:
|
|||||||||||||||||
Cash and cash equivalents
|
€
|
42,900
|
€
|
25,113
|
(b)
|
€
|
68,013
|
$
|
77,231
|
||||||||
Short-term investments
|
25,113
|
(25,113
|
)
|
(b)
|
-
|
-
|
|||||||||||
Trade accounts receivable, net
|
599
|
-
|
599
|
680
|
|||||||||||||
Prepaid expenses
|
376
|
-
|
376
|
427
|
|||||||||||||
Other current assets
|
653
|
-
|
653
|
742
|
|||||||||||||
Total current assets
|
69,641
|
-
|
69,641
|
79,080
|
|||||||||||||
Property and equipment, net of accumulated depreciation
|
498
|
-
|
498
|
565
|
|||||||||||||
Goodwill
|
6,261
|
-
|
6,261
|
7,110
|
|||||||||||||
Intangible assets, net of accumulated amortization
|
51,016
|
-
|
51,016
|
57,930
|
|||||||||||||
Other assets
|
3,869
|
-
|
3,869
|
4,393
|
|||||||||||||
Total assets
|
€
|
131,285
|
€
|
-
|
€
|
131,285
|
$
|
149,078
|
|||||||||
Liabilities and Stockholders' Equity
|
|||||||||||||||||
Current liabilities:
|
|||||||||||||||||
Accounts payable
|
€
|
1,426
|
€
|
-
|
€
|
1,426
|
$
|
1,619
|
|||||||||
Accrued expenses and other current liabilities
|
4,815
|
-
|
4,815
|
5,467
|
|||||||||||||
Total current liabilities
|
6,241
|
-
|
6,241
|
7,086
|
|||||||||||||
Non-current financial liabilities
|
20,690
|
(20,690
|
)
|
(b)
|
-
|
-
|
|||||||||||
Other non-current liabilities
|
12,326
|
20,690
|
(b)
|
33,016
|
37,491
|
||||||||||||
Commitments and contingencies
|
|||||||||||||||||
Stockholders' equity:
|
|||||||||||||||||
Equity attributable to Biotie shareholders
|
92,028
|
-
|
92,028
|
104,501
|
|||||||||||||
Total stockholders' equity
|
92,028
|
-
|
92,028
|
104,501
|
|||||||||||||
Total liabilities and stockholders' equity
|
€
|
131,285
|
€
|
-
|
€
|
131,285
|
$
|
149,078
|
Certain changes were made to align the presentation of Biotie's financial information with Acorda's presentation.
|
For the year ended December 31, 2015
|
||||||||||||||||
(in thousands)
|
Under IFRS
In EUR *
|
Adjustments to Reconcile to U.S. GAAP and to conform to Acorda's presentation
In EUR
|
Ref.
|
Under
U.S. GAAP and conforming to Acorda's presentation
In EUR
|
Under
U.S. GAAP
In USD
|
|||||||||||
Revenues:
|
||||||||||||||||
Royalty revenues
|
€
|
3,023
|
€
|
-
|
€
|
3,023
|
$
|
3,356
|
||||||||
Milestone revenue
|
713
|
-
|
713
|
791
|
||||||||||||
Total net revenues
|
3,736
|
-
|
3,736
|
4,147
|
||||||||||||
Costs and expenses:
|
||||||||||||||||
Research and development
|
25,864
|
(38
|
)
|
(a)
|
25,370
|
28,162
|
||||||||||
(456
|
)
|
(b)
|
||||||||||||||
Selling, general and administrative
|
7,755
|
(3
|
)
|
(a)
|
7,621
|
8,460
|
||||||||||
(131
|
)
|
(b)
|
||||||||||||||
Other operating income
|
(587
|
)
|
131
|
(b)
|
-
|
-
|
||||||||||
456
|
(b)
|
|||||||||||||||
Total operating expenses
|
33,032
|
(41
|
)
|
32,991
|
36,622
|
|||||||||||
Operating income (loss)
|
(29,296
|
)
|
41
|
(29,255
|
)
|
(32,475
|
)
|
|||||||||
Other income (expense), net:
|
||||||||||||||||
Interest and amortization
|
(673
|
)
|
-
|
(673
|
)
|
(747
|
)
|
|||||||||
Interest income
|
22
|
-
|
22
|
24
|
||||||||||||
Other income
|
1,624
|
-
|
1,624
|
1,803
|
||||||||||||
Total other income, net
|
973
|
-
|
973
|
1,080
|
||||||||||||
Income (loss) before taxes
|
(28,323
|
)
|
41
|
(28,282
|
)
|
(31,395
|
)
|
|||||||||
Benefit (provision) for income taxes
|
-
|
-
|
-
|
-
|
||||||||||||
Net income (loss)
|
€
|
(28,323
|
)
|
€
|
41
|
€
|
(28,282
|
)
|
$
|
(31,395
|
)
|
|||||
Certain changes were made to align the presentation of Biotie's financial information with Acorda's presentation.
|
For the three months ended March 31, 2016
|
|||||||||||||||||
(in thousands)
|
Under IFRS
In EUR *
|
Adjustments to Reconcile to U.S. GAAP and to conform to Acorda's presentation
In EUR
|
Ref.
|
Under
U.S. GAAP and conforming to Acorda's presentation
In EUR
|
Under
U.S. GAAP
In USD
|
||||||||||||
Revenues:
|
|||||||||||||||||
Royalty revenues
|
€
|
762
|
€
|
-
|
€
|
762
|
$
|
840
|
|||||||||
Total net revenues
|
762
|
-
|
762
|
840
|
|||||||||||||
Costs and expenses:
|
|||||||||||||||||
Research and development
|
5,620
|
(107
|
)
|
(a)
|
5,513
|
6,080
|
|||||||||||
Selling, general and administrative
|
4,762
|
(103
|
)
|
(a)
|
4,626
|
5,102
|
|||||||||||
(33
|
)
|
(b)
|
|||||||||||||||
Other operating income
|
(33
|
)
|
33
|
(b)
|
-
|
-
|
|||||||||||
Total operating expenses
|
10,349
|
(210
|
)
|
10,139
|
11,182
|
||||||||||||
Operating income (loss)
|
(9,587
|
)
|
210
|
(9,377
|
)
|
(10,342
|
)
|
||||||||||
Other income (expense), net:
|
|||||||||||||||||
Interest and amortization
|
(146
|
)
|
-
|
(146
|
)
|
(161
|
)
|
||||||||||
Interest income
|
26
|
-
|
26
|
29
|
|||||||||||||
Other expense
|
(1,965
|
)
|
-
|
(1,965
|
)
|
(2,167
|
)
|
||||||||||
Total other expense, net
|
(2,085
|
)
|
-
|
(2,085
|
)
|
(2,299
|
)
|
||||||||||
Income (loss) before taxes
|
(11,672
|
)
|
210
|
(11,462
|
)
|
(12,641
|
)
|
||||||||||
Benefit (provision) for income taxes
|
-
|
-
|
-
|
-
|
|||||||||||||
Net income (loss)
|
€
|
(11,672
|
)
|
€
|
210
|
€
|
(11,462
|
)
|
$
|
(12,641
|
)
|
||||||
Certain changes were made to align the presentation of Biotie financial information with Acorda's presentation.
|
There are differences between the accounting for the Biotie stock option plans under IFRS and U.S. GAAP related to the method of recognizing expense over the requisite service period. This adjustment represents the difference between the treatment under U.S. GAAP and IFRS.
|
|
There are differences between Biotie's historical reporting and the presentation in Acorda's financial statements. These reclassifications align Biotie's presentation with Acorda's presentation as follows:
|
Adjustment to reflect the $351.4 million of cash paid to holders of Biotie's Equity Interests for the Acquisition.
|
|
Fair value adjustments as a result of the purchase price allocation
|
(In thousands)
|
||||
Goodwill
|
||||
Reversal of Biotie's historical goodwill
|
$
|
(7,110
|
)
|
|
Goodwill recognized in the Acquisition
|
97,277
|
|||
Total
|
$
|
90,167
|
||
Intangible Assets
|
||||
Reversal of Biotie's historical intangible assets
|
$
|
(57,930
|
)
|
|
Acquired identifiable intangible assets
|
325,500
|
|||
Total
|
$
|
267,570
|
||
Acquired deferred tax liabilities
|
$
|
89,038
|
||
Other non-current liabilities
|
||||
Reversal of Biotie's historical non-current financial liabilities and accrued interest
|
$
|
(35,124
|
)
|
|
Acquired non-current liabilities – fair value
|
33,439
|
|||
Deferred revenue - fair value adjustment
|
(2,271
|
)
|
||
Deferred rent – fair value adjustment
|
(118
|
)
|
||
Reclassification of other non-current liabilities to other current liabilities
|
(6,593
|
)
|
||
Total
|
$
|
(10,667
|
)
|
|
Noncontrolling interests – fair value adjustment
|
$
|
25,825
|
Adjustment to reflect for accrual of costs incurred subsequent to March 31, 2016 that directly related to the Acquisition.
|
(In thousands)
|
|||
Transaction costs incurred in connection with the Acquisition
|
$
|
12,570
|
|
Biotie employee change of control bonuses
|
5,723
|
||
Total
|
$
|
18,293
|
|
Transaction costs – represent $5.8 million and $6.8 million in costs paid by Acorda and Biotie, respectively, that were incurred subsequent to March 31, 2016.
Biotie employee change of control bonuses – represents cash bonus payments for Biotie employees that were triggered upon the Acquisition.
|
|
Stockholders' Equity
|
Elimination of Biotie historical shareholders' equity
|
$
|
(104,501
|
)
|
|
Accrual of transaction costs incurred subsequent to March 31, 2016
|
(12,570
|
)
|
||
Accrual of change of control cash bonus paid to Biotie employees subsequent to March 31, 2016
|
(5,723
|
)
|
||
Total
|
$
|
(122,794
|
)
|
Operating Expenses
|
Year Ended
December 31, 2015 |
Three Months Ended
March 31, 2016 |
|||||||
Cost of sales
|
||||||||
Amortization of acquired intangible assets
|
9,286
|
2,321
|
||||||
Research and development
|
||||||||
Reversal of Biotie's historical intangible amortization expense
|
(104
|
)
|
(20
|
)
|
||||
Selling, general and administrative
|
||||||||
Reversal of transaction costs incurred and included in the statement of operations
|
(855
|
)
|
(7,859
|
)
|
||||
Other Income (Expense), Net
|
||||||||
Reversal of Acorda's unrealized gain on foreign currency options
|
-
|
(10,289
|
)
|
|||||
Interest Expense
|
||||||||
Amortization of the fair value adjustment on non-current liabilities
|
338
|
87
|
Adjustment to reflect the income tax impact of the pro forma adjustments related to the Acquisition using the applicable effective income tax rates. Income tax rates do not take into account any possible future tax events or changes in planned structure for the combined company.
|
|
Adjustment to reflect the net loss attributable to the noncontrolling interest resulting from the Acquisition.
|