Completion of Acorda Therapeutics’ Voluntary Tender Offer for All of the Issued and Outstanding Shares, American Depositary Shares, Stock Options, Share Units and Warrants in Biotie Therapies Corp. and Matters Related Thereto

ARDSLEY, N.Y.–(BUSINESS WIRE)– On 11 March 2016, Acorda Therapeutics, Inc. (Nasdaq:ACOR) (« Acorda »
or the « Offeror« ) commenced a voluntary public tender offer
to purchase all of the issued and outstanding shares (« Shares« ),
American Depositary Shares (« ADSs« ), stock options (« Option
Rights« ), share units (« Share Rights« ) and warrants
(« Warrants« ) (such securities, collectively, the « Equity
Interests« ) in Biotie Therapies Corp (Nasdaq Helsinki:BTH1V;
Nasdaq:BITI) (« Biotie » or the « Company« )
that are not owned by Biotie or any of its subsidiaries (the « Tender
Offer« ). The initial acceptance period for the Tender Offer (the “Offer
Period”) expired on 8 April 2016.

Today, Acorda announced the closing of its purchase of the Equity
Interests tendered during the Offer Period. In accordance with the terms
and conditions of the Tender Offer, the offer consideration was paid to
the holders of Equity Interests who had validly accepted the Tender
Offer by 8 April 2016, with Equity Interests denominated in U.S. dollars
paid based on the European Central Bank EUR/USD spot rate of 1.1396 as
of the close of business on 12 April 2016.

In order to allow holders of Equity Interests who did not tender their
Equity Interests by 8 April 2016 to accept the Tender Offer, as
announced on 13 April 2016, the Offeror has commenced a subsequent offer
period in accordance with the terms and conditions of the Tender Offer
(the “Subsequent Offer Period”). The Subsequent Offer Period
commenced at 9:30 a.m. (EET) / 2:30 a.m. (New York Time) on 14 April
2016 and will expire at 4:00 p.m. (EET) / 9:00 a.m. (New York Time) on
28 April 2016.

During the Subsequent Offer Period, the Tender Offer can be accepted in
accordance with the acceptance procedures described in the terms and
conditions of the Tender Offer. The acceptance of the Tender Offer
during the Subsequent Offer Period is binding and cannot be withdrawn.
Further information and instructions can be obtained from any branch
office of the cooperative banks belonging to the OP Financial Group or
Helsinki OP Bank Ltd. or in Acorda’s prior press releases and public
filings.

As previously disclosed, Acorda intends to commence subsequent
compulsory redemption proceedings (the “Subsequent Compulsory
Redemption”) to redeem the remaining outstanding Shares (including
Shares represented by ADSs) in accordance with the Finnish Companies
Act, following which time Biotie will become a wholly-owned subsidiary
of Acorda. Upon completion of such Subsequent Compulsory Redemption,
each holder of Shares will be entitled to payment for such Shares equal
to the fair value of such Shares as determined by an arbitral tribunal.
Although holders of ADSs will not participate directly in the Subsequent
Compulsory Redemption, subject to the terms of the ADS deposit agreement
and less any fees and expenses incurred under the ADS deposit agreement,
holders of ADSs will be entitled to receive the value determined by the
arbitral tribunal for each Share represented by their ADSs. ADS holders
may participate directly in the Subsequent Compulsory Redemption by
withdrawing the shares represented by their ADSs from the ADS program in
accordance with the terms of the ADS deposit agreement.

Following today’s purchase of Equity Interests tendered during the Offer
Period, the ADSs may no longer meet the quantitative requirements for
continued listing on the Nasdaq Global Select Market and Biotie’s shares
and ADSs may become eligible for deregistration under the Securities
Exchange Act of 1934, as amended. Acorda intends to apply for such
deregistration and to delist the ADSs from the Nasdaq Global Select
Market as soon as practicable once the requirements for termination of
registration and delisting are met.

INDUCEMENT EQUITY AWARDS

In connection with the closing of our Biotie tender offer, to encourage
certain employees of Biotie and its subsidiaries to remain with Biotie
following the closing, and also to encourage certain expected new hires
to join Biotie and/or one of its subsidiaries, on the tender offer
closing date we granted (or in the case of new hires, expect to grant on
the employment commencement date) an aggregate of approximately 367,000
of the following equity awards to up to 32 employees (including new
hires): approximately 52,000 retention restricted stock awards, which
will vest in installments of 20%, 30% and 50% on the first, second and
third anniversaries of the grant date, respectively; approximately
270,000 of our standard new hire stock options that vest one fourth on
the first anniversary of the grant date, and thereafter over three years
in equal quarterly installments; and 45,000 of our standard new hire
restricted stock awards that vest in equal installments on the first
four anniversaries of the grant date. The foregoing equity awards have
been or will be granted as “inducement awards” outside of our
stockholder-approved 2015 Omnibus Incentive Compensation Plan consistent
with applicable NASDAQ rules.

About Acorda Therapeutics

Founded in 1995, Acorda Therapeutics is a biotechnology company focused
on developing therapies that restore function and improve the lives of
people with neurological disorders.

Acorda has an industry leading pipeline of novel neurological therapies
addressing a range of disorders, including Parkinson’s disease,
epilepsy, post-stroke walking deficits, migraine, and multiple
sclerosis. Acorda markets three FDA-approved therapies, including
AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg.

For more information, please visit www.acorda.com.

About Biotie Therapies

Biotie is a biopharmaceutical company focused on products for
neurodegenerative and psychiatric disorders. Biotie’s development has
delivered Selincro (nalmefene) for alcohol dependence, which received
European marketing authorization in 2013 and is currently being rolled
out across Europe by partner H. Lundbeck A/S. The current development
products include tozadenant for Parkinson’s disease, which is in Phase 3
development, and two additional compounds which are in Phase 2
development for cognitive disorders including Parkinson’s disease
dementia, and primary sclerosing cholangitis (PSC), a rare fibrotic
disease of the liver.

For more information, please visit www.biotie.com.

Forward-Looking Statements

This press release includes forward-looking statements. All statements,
other than statements of historical facts, regarding management’s
expectations, beliefs, goals, plans or prospects should be considered
forward-looking. These statements are subject to risks and uncertainties
that could cause actual results to differ materially, including: the
ability to realize the benefits anticipated from the Biotie and Civitas
transactions, among other reasons because acquired development programs
are generally subject to all the risks inherent in the drug development
process and our knowledge of the risks specifically relevant to acquired
programs generally improves over time; the ability to successfully
integrate Biotie’s operations and Civitas’ operations, respectively,
into our operations; we may need to raise additional funds to finance
our expanded operations and may not be able to do so on acceptable
terms; our ability to successfully market and sell Ampyra in the U.S.;
third party payers (including governmental agencies) may not reimburse
for the use of Ampyra or our other products at acceptable rates or at
all and may impose restrictive prior authorization requirements that
limit or block prescriptions; the risk of unfavorable results from
future studies of Ampyra or from our other research and development
programs, including CVT-301, Plumiaz, or any other acquired or
in-licensed programs; we may not be able to complete development of,
obtain regulatory approval for, or successfully market CVT-301, Plumiaz,
any other products under development, or the products that we would
acquire if we complete the Biotie transaction; the occurrence of adverse
safety events with our products; delays in obtaining or failure to
obtain and maintain regulatory approval of or to successfully market
Fampyra outside of the U.S. and our dependence on our collaborator
Biogen in connection therewith; competition; failure to protect our
intellectual property, to defend against the intellectual property
claims of others or to obtain third party intellectual property licenses
needed for the commercialization of our products; and failure to comply
with regulatory requirements could result in adverse action by
regulatory agencies.

Additional Information

Investors and holders of Biotie equity securities are strongly advised
to read the tender offer statement, including the offer to purchase,
letter of transmittal, acceptance forms and other related tender offer
documents and the related solicitation/recommendation statement on
Schedule 14D-9 that have been filed by Biotie with the SEC, because
contain important information. These documents are available at no
charge on the SEC’s website at www.sec.gov.
In addition, a copy of the Tender Offer Document and related documents
may be obtained free of charge by directing a request to us at www.acorda.com
or Office of the Corporate Secretary, 420 Saw Mill River Road, Ardsley,
New York 10502.

In addition to the Schedule TO, we file annual, quarterly and special
reports, proxy statements and other information with the SEC. You may
read and copy any reports, statements or other information filed by us
at the SEC public reference room at 100 F Street, N.E., Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 for further information on
the public reference room. Our filings with the SEC are also available
to the public from commercial document-retrieval services and at the
website maintained by the SEC at www.sec.gov.

THE TENDER OFFER WILL NOT BE MADE DIRECTLY OR INDIRECTLY IN ANY
JURISDICTION WHERE EITHER AN OFFER OR PARTICIPATION THEREIN IS
PROHIBITED BY APPLICABLE LAW OR WHERE ANY TENDER OFFER DOCUMENT OR
REGISTRATION OR OTHER REQUIREMENTS WOULD APPLY IN ADDITION TO THOSE
UNDERTAKEN IN FINLAND AND THE UNITED STATES.

IN ADDITION, THE TENDER OFFER DOCUMENT, THE RELATED DOCUMENTS AND
THIS RELEASE WILL NOT AND MAY NOT BE DISTRIBUTED, FORWARDED OR
TRANSMITTED INTO OR FROM ANY JURISDICTION WHERE PROHIBITED BY APPLICABLE
LAW. IN PARTICULAR, THE TENDER OFFER IS NOT BEING MADE, DIRECTLY OR
INDIRECTLY, IN OR INTO, CANADA, JAPAN, AUSTRALIA, SOUTH AFRICA OR HONG
KONG. THE TENDER OFFER CANNOT BE ACCEPTED BY ANY SUCH USE, MEANS OR
INSTRUMENTALITY OR FROM WITHIN CANADA, JAPAN, AUSTRALIA, SOUTH AFRICA OR
HONG KONG.

This release is for informational purposes only and does not constitute
a tender offer document or an offer, solicitation of an offer or an
invitation to a sales offer. Potential investors in Finland shall accept
the Tender Offer only on the basis of the information provided in the
tender offer document, as supplemented, approved by the Finnish
Financial Supervisory Authority and related materials.

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