Hedge Fund Seeks Sale of Acorda

February 23, 2007 – Daniel S. Loeb, who runs the hedge fund known as Third Point LLC, sent a letter to Acorda Therapeutics, telling the company it would be better for shareholders if the company tried to find a buyer. There was no ultimatum. Third Point is an “activist” hedge fund, agitating for change when it thinks the executives of the company are running the company for themselves, rather than shareholders. So far, it has not alleged any nefarious motives against the management of Acorda. But Acorda is one of the most successful biotech IPOs of 2006, having risen 300% in the year since it made its IPO. We look at the story...

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