Davis Polk is advising Biotie Therapies Corp. in connection with its combination agreement with Acorda Therapeutics, Inc. where Acorda will make a public tender offer in Finland and the United States to purchase all of the shares, ADSs and other equity instruments in Biotie. The price offered for each share validly tendered into the tender offer will be EUR 0.2946 in cash and the price offered for each ADS validly tendered into the tender offer will be EUR 23.5680 in cash, payable in the equivalent amount of U.S. dollars (as of January 18, 2016, this would be equivalent to $25.60 per ADS in cash, based on an exchange rate of $1.0864 USD to EUR 1.00). The tender offer will commence after Acorda has obtained certain regulatory relief from the U.S. Securities and Exchange Commission, which is expected to be obtained no later than the end of February 2016.

Biotie, headquartered in Turku, Finland, is a specialized drug development company focused on products for neurodegenerative and psychiatric disorders. Acorda is a biotechnology company focused on developing therapies that improve the lives of people with neurological disorders.

The Davis Polk corporate team includes partners Michael Davis and Sophia Hudson and associates Lee Hochbaum and Christopher M. Bezeg. Partner Pritesh P. Shah and associate Kevin A. Bensley are providing intellectual property and technology advice. Partner Michael Mollerus is providing tax advice. Counsel John T. Wright and associate Jessie M. Ferguson are providing executive compensation advice. Michael N. Sohn is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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