Acorda Therapeutics entered into an agreement to acquire Biotie Therapies in a deal valued at $363 million.

Concurrently with the announcement of the Biotie transaction, Acorda said it received a commitment from JPMorgan Chase for an asset-based loan facility for up to $60 million. The closing of this transaction is expected to occur within six weeks and is subject to customary closing conditions.

Acorda will obtain worldwide rights to tozadenant, an oral adenosine A2areceptor antagonist currently in phase 3 development in Parkinson’s disease. In a phase 2b clinical trial, tozadenant reduced average daily OFF time as an adjunct to treatment regimens including levodopa/carbidopa.

Biotie is headquartered in Turku, Finland, with clinical operations based in South San Francisco. Following the close of the acquisition, Acorda plans to maintain the South San Francisco location and retain Biotie staff at that site. Acorda is considering the long-term future of the Turku facility. With this addition, Acorda will have operations in three major U.S. biotechnology centers: New York, Boston and San Francisco.