Why Acorda Therapeutics (ACOR) Stock Is Rising Today

September 24, 2014 1:39 PM

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NEW YORK (TheStreet) -- Acorda Therapeutics(ACOR) shares are climbing 12.3% to $32.96 on Wednesday after the drug maker announced that it is buying Civitas Therapeutics for $525 million in cash, nixing Civitas previous plans to go public.

The deal gives Acorda Therapeutics the rights to Civitas Phase 3 Parkinson's disease treatment CVT-301, the company's pulmonary delivery technology, and a manufacturing facility in Chelsea, MA.

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