Acorda Therapeutics filed for Chapter 11 bankruptcy April 1.
The New York-based company manufactures Inbrija, an inhaler that is FDA approved for Parkinson's disease symptoms. Merz Therapeutics agreed to purchase Acorda's assets for $185 million in a "stalking horse" agreement.
Acorda said it decided to file for bankruptcy after reviewing multiple strategic options, according to a news release.
In 2019, the company was at high risk of bankruptcy. The following year, the drugmaker's employees voted favorably of the workplace, according to a survey conducted by Fortune and analytics firm Great Place to Work. Compared to other biopharma companies, Acorda was ranked No. 6 for its positive work environment.
The bankruptcy proceedings are expected to finalize in June.