Biotie Therapies - Company Announcement

STATEMENT OF THE BOARD OF DIRECTORS OF BIOTIE THERAPIES CORP. REGARDING THE VOLUNTARY PUBLIC TENDER OFFER BY ACORDA THERAPEUTICS, INC.

BIOTIE THERAPIES CORP.         STOCK  EXCHANGE  RELEASE    4 March 2016, 7.15
p.m.



STATEMENT OF THE BOARD OF DIRECTORS OF BIOTIE THERAPIES CORP. REGARDING THE
VOLUNTARY PUBLIC TENDER OFFER BY ACORDA THERAPEUTICS, INC.

Acorda Therapeutics, Inc. (hereinafter the "Offeror" or "Acorda") and Biotie
Therapies Corp. (hereinafter "Biotie" or the "Company") have announced a
voluntary public tender offer (the "Offer") by Acorda for the issued and
outstanding ordinary shares, no nominal value, of the Company (the "Shares"),
the outstanding American Depositary Shares, each representing 80 Shares (the
"ADSs"), and the outstanding Equity Instruments (as defined below) in Biotie by
stock exchange release dated January 19, 2016.

The Board of Directors of Biotie (the "Board" or the "Biotie Board") hereby
issues the following statement regarding the Offer as required by Finnish
securities laws (Chapter 11, Section 13 of the Finnish Securities Market Act
746/2012, as amended).

The Tender Offer in Brief

Biotie and Acorda have on January 19, 2016 entered into a combination agreement
(the "Combination Agreement") setting out, among other matters, the terms and
conditions pursuant to which the Offer shall be made by Acorda.

Subject to the Combination Agreement, Acorda has resolved to make the Offer for
the outstanding (i) Shares; (ii) ADSs; (iii) option rights under the option plan
resolved upon by the Board on December 6, 2011 by virtue of an authorization
granted by the annual general meeting of the Company held on May 6, 2011 (the
"2011 Option Rights"), options rights under the option plan resolved upon by the
Board on January 2, 2014 by virtue of an authorization granted by the annual
general meeting of the Company held on April 4, 2013, (the "2014 Option Rights")
and option rights under the option plan resolved upon by the Board on January
4, 2016 by virtue of an authorization granted by the annual general meeting of
the Company held on May 26, 2015 (the "2016 Option Rights"); (iv) share units
under the equity incentive plan resolved upon by the Board on December 6, 2011
by virtue of an authorization granted by the annual general meeting of the
Company held on May 6, 2011 (the "2011 Share Rights") and share units under the
equity incentive plan resolved upon by the Board on January 2, 2014 by virtue of
an authorization granted by the annual general meeting of the Company held on
April 4, 2013 (the "2014 Share Rights" and, together with the 2011 Share Rights,
the "Share Rights"); (v) option rights under the Swiss option plan dated June
18, 2008 (the "Swiss Option Rights" and together with the 2011 Option Rights,
the 2014 Option Rights and the 2016 Option Rights, the "Option Rights"); and
(vi) warrants issued on May 28, 2015 by virtue of an authorization granted by
the annual general meeting of the Company held on May 26, 2015 (the "Warrants").

The outstanding Option Rights, the Share Rights and the Warrants that have been
granted to holders are hereinafter jointly referred to as the "Equity
Instruments." The Shares that are not held by the Company or any of its
subsidiaries including all the Shares represented by ADSs are hereinafter
referred to as the "Shares." The outstanding Shares, the ADSs and the Equity
Instruments are hereinafter jointly referred to as the "Equity Interests."

The Offer will be made in accordance with the terms and conditions reflected in
the tender offer document (hereinafter referred to as the "Offer to Purchase")
to be published by Acorda before the acceptance period of the Offer commences.
The acceptance period of the Offer is expected to commence by mid-March 2016 and
will remain open for an initial period of at least 20 U.S. business days (the
"Offer Period").

Acorda has offered to purchase all Equity Interests of the Company that are not
held by the Company or any of its subsidiaries for a consideration of:

    i. EUR 0.2946 in cash for each outstanding Share;
   ii. EUR 23.5680 in cash for each outstanding ADS, payable in the equivalent
       amount of U.S. dollars for each outstanding ADS determined as near to the
       payment date as reasonably practicable based on the U.S. dollar spot rate
       against the euro exchange rate on the nearest practicable date to the
       Closing Date (as defined below);
  iii. EUR 0.2846 in cash for each outstanding 2011 Option Right;
   iv. EUR 0.2846 in cash for each outstanding 2014 Option Right;
    v. EUR 0.1326 in cash for each outstanding 2016 Option Right, payable, at
       the option of the holder, in in euros or the equivalent amount of U.S.
       dollars for each outstanding 2016 Option Right determined as near to the
       payment date as reasonably practicable based on the U.S. dollar spot rate
       against the euro exchange rate on the nearest practicable date to the
       Closing Date;
   vi. EUR 0.2946 in cash for each outstanding 2011 Share Right, payable, at the
       option of the holder, in in euros or the equivalent amount of U.S.
       dollars for each outstanding 2011 Share Right determined as near to the
       payment date as reasonably practicable based on the U.S. dollar spot rate
       against the euro exchange rate on the nearest practicable date to the
       Closing Date;
  vii. EUR 0.2854 in cash for each outstanding  2014 Share Right, payable, at
       the option of the holder, in in euros or the equivalent amount of U.S.
       dollars for each outstanding 2014 Share Right determined as near to the
       payment date as reasonably practicable based on the U.S. dollar spot rate
       against the euro exchange rate on the nearest practicable date to the
       Closing Date;
 viii. EUR 0,2032 in cash for each outstanding Swiss Option Right with a per
       share subscription price of CHF 0.10;
   ix. EUR 0.1026 in cash for each Swiss Option Right with a per share
       subscription price of CHF 0.21;
    x. EUR 0.0386 in cash for each Swiss Option Right with a per share
       subscription price of CHF 0.28;
   xi. EUR 0.0112 in cash for each Swiss Option Right with a per share
       subscription price of CHF 0.31;
  xii. EUR 0.0100 in cash for each other Swiss Option Right; and
 xiii. EUR 0.1664 in cash for each outstanding Warrant.
Pursuant to the terms of the Combination Agreement, the completion of the Offer
is subject to the following conditions (the "Conditions"):

    i. the valid tender of outstanding Shares (including outstanding Shares
       represented by validly tendered ADSs and validly tendered Warrants)
       representing, together with any outstanding Shares (including outstanding
       Shares represented by ADSs and Warrants) otherwise acquired by Acorda,
       more than ninety percent (90%) of the issued and outstanding Shares and
       voting rights of the Company, calculated on a fully diluted basis and
       otherwise in accordance with Chapter 18 Section 1 of the Finnish Limited
       Liability Companies Act (21.7.2006/624) (the "Minimum Acceptance
       Condition"); as used in this paragraph "fully diluted basis" means an
       equation in which the numerator represents the aggregate number of
       outstanding Shares (including outstanding Shares represented by ADSs) and
       Warrants that have been validly tendered or otherwise acquired by Acorda
       and the denominator represents the aggregate number of all outstanding
       Shares (including outstanding Shares represented by ADSs) and Warrants,
       as well as Shares issuable upon the vesting and exercise of those
       outstanding Equity Instruments (other than Warrants) that have not been
       validly tendered into the Offer or otherwise acquired by Acorda;
   ii. the expiration or termination of any applicable waiting period under the
       Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended and the
       rules and regulations thereunder (the "HSR Act"), which waiting period
       has expired on February 16, 2016;
  iii. no material adverse effect (as defined in the Combination Agreement)
       having occurred on the Company after January 19, 2016;
   iv. Acorda not, after January 19, 2016, having received information
       previously undisclosed to it that describes a material adverse effect on
       the Company that occurred prior to January 19, 2016;
    v. no information made public by the Company or disclosed by the Company to
       Acorda being materially inaccurate, incomplete, or misleading, and the
       Company not having failed to make public any information that should have
       been made public by it under applicable laws, including without
       limitation the rules of NASDAQ Helsinki Ltd. ("Nasdaq Helsinki") and
       NASDAQ Stock Market LLC ("Nasdaq US"), provided that, in each case, the
       information made public, disclosed or not disclosed or the failure to
       disclose information constitutes a material adverse effect on the
       Company;
   vi. no court or regulatory authority of competent jurisdiction (including
       without limitation the Finnish Financial Supervisory Authority (the "FIN-
       FSA") or the US Securities and Exchange Commission (the "SEC")) having
       given an order or issued any regulatory action preventing or enjoining
       the completion of the Offer;
  vii. the Board having issued its recommendation for the Offer and the
       recommendation remaining in force and not being modified or changed in a
       manner detrimental to Acorda; and
 viii. the Combination Agreement not having been terminated and remaining in
       force and no event having occurred that, with the passage of time, would
       give Acorda the right to terminate the Combination Agreement under
       specified sections of the Combination Agreement that give Acorda the
       right to terminate the Combination Agreement in response to a breach of
       the agreement by the Company.
Fulfillment of the Minimum Acceptance Condition and other Conditions will be
determined as of the expiration of the Offer Period on the next Finnish banking
day after the expiration of the Offer Period, when the preliminary results of
the Offer will be available. Acorda has reserved the right to complete the Offer
even if the conditions have not been fulfilled.

If any Condition is neither satisfied nor waived at the conclusion of the Offer
Period, Acorda will extend the acceptance period for additional periods not
exceeding two weeks each. The maximum duration of the Offer Period (including
any extensions) is ten weeks as required under Finnish law. However, if any of
the Conditions has not been fulfilled due to a particular obstacle, Acorda may,
subject to the consent of the FIN-FSA, extend the Offer Period beyond ten weeks
until such obstacle has been removed and until all Conditions have been
satisfied all in accordance with the terms and conditions of the Offer as agreed
to and set forth in the Combination Agreement. In no event is the Offeror
required to extend the Tender Offer beyond June 19, 2016.

Acorda's intent is to acquire 100% of the Equity Interests of the Company. If at
the completion of the Offer Period (including any and all extensions), the
Minimum Acceptance Condition is satisfied or waived but Acorda does not own
100% of the Equity Interests, Acorda may seek to acquire the remaining Equity
Interests that were not acquired pursuant to the Offer by commencing a
subsequent offer period (the "Subsequent Offer Period") in accordance with the
guidelines issued by the FIN-FSA and U.S. federal securities laws and, if at
completion of any Subsequent Offer Period or the Initial Offer Period Acorda
does not own 100% of the Equity Interests, by entering into subsequent
compulsory redemption proceedings ("Subsequent Compulsory Redemption") to redeem
the remaining Shares (including Shares represented by ADSs) in accordance with
the Finnish Companies Act or, in the case of the outstanding Equity Instruments,
pursuant to the terms and conditions of such Equity Instruments, or by using any
other legally available alternative to reach 100% ownership of the Equity
Interests.

Acorda has entered into irrevocable undertakings ("Irrevocable Undertakings")
with certain of the Company's equityholders including certain entities
affiliated with each of Versant Ventures, The Baupost Group, Vivo Capital,
OrbiMed, Invesco, Ilmarinen, Sitra and Armistice, members of the Company's
senior management, one director of the Company (Mr. Bailey) and certain
employees of the Company (collectively, the "Support Equityholders") pursuant to
which the Support Equityholders agreed to tender and not withdraw all Equity
Interests owned by such Support Equityholders into the Offer, subject to certain
terms and conditions. The Support Equityholders collectively hold approximately
65% (on a fully diluted basis) of the outstanding Shares and votes in Biotie.

Acorda's intention is to cause the ADSs and the Shares to be delisted from
Nasdaq US and Nasdaq Helsinki, respectively, and deregistered under the United
States Exchange Act of 1934  as soon as permitted and practicable under
applicable laws and regulations following completion of the Offer.

Acorda did not hold any Shares or other Equity Interests in Biotie at the time
of the announcement of the Offer on January 19, 2016. The full terms and
conditions of the Offer as well as further information about the Offer will be
included in more detail in the Offer to Purchase.

Background for the statement of the Board of Directors

Pursuant to the Finnish Securities Market Act (Chapter 11, Section 13), the
Board of Directors of Biotie has an obligation to prepare a public statement
regarding the Offer. The statement must include a well-founded assessment on the
Offer from the perspective of Biotie and its shareholders as well as on the
strategic plans and their likely effects on the operations of and employment in
Biotie as presented by Acorda in the Offer to Purchase.

For the purposes of issuing this statement, Acorda has submitted to the Board of
Directors of Biotie a draft version of the Offer to Purchase which Acorda has
also filed with the Finnish Financial Supervisory Authority for approval on
March 1, 2016.

Assessment of the Board of Directors from the perspective of Biotie and its
shareholders

In evaluating the Combination Agreement and the Offer, the Board consulted with
senior management of the Company, as well as Guggenheim Securities, Davis Polk
and Hannes Snellman. In the course of making the determination that the Offer is
in the best interests of Biotie's security holders and recommending that the
security holders of the Company accept the Offer and tender their outstanding
Shares, ADSs and Equity Instruments, as applicable, pursuant to the Offer, the
Board considered numerous factors, including the factors listed below, which are
listed in no particular order of importance, each of which, in the view of the
Board, supported such determinations:

  * Financial Terms/Premium to Market Price.  The Board considered the
    relationship of the consideration offered pursuant to the Offer to the
    historical market price of the Shares, including that the consideration
    represents a premium of approximately 95% over the trading price at which
    the Shares closed on the Nasdaq Helsinki on January 18, 2016, the last
    trading day prior to the announcement of the entry into the Combination
    Agreement.
  * Cash Consideration.  The Board considered the fact that the entire
    consideration will be payable in cash, which provides Company security
    holders with immediate liquidity and a high degree of certainty of value.
  * Product Development and Regulatory Risks.  The Board considered the fact its
    product candidates tozadenant, SYN120 and BTT 1023 are in various phases of
    clinical development. The Company does not expect to have top line efficacy
    data for its Phase 3 double-blind clinical trial (and extension) of
    tozadenant until the second half of 2017 and, as disclosed, will need to
    generate additional clinical safety data after that to be able to submit a
    new drug application, or NDA, to the FDA. With respect to the Phase 2a trial
    of SYN120 in Parkinson's dementia the Company expects to announce top-line
    data by the end of 2016. Enrolment for the Phase 2 clinical trial of BTT
    1023 in PSC opened at the end of the first quarter of 2015, and the
    requisite number of patients to enable interim data is expected by the end
    of 2016. Clinical trials are expensive and can take many years to complete,
    and the outcomes are inherently uncertain. The Board considered the risks
    inherent in the development and eventual commercialization of its product
    candidates, the risks related to seeking approval for marketing from the FDA
    and EMA (including any potential conditions or contingencies of such
    approvals) and the risks related to market acceptance of Company product
    candidates, if approved, and other factors affecting the revenues and
    profitability of biopharmaceutical products generally.
  * Product Launch and Commercialization Risks.  The Board also considered the
    risks and considerable costs as well as additional financing needs
    associated with a successful launch and commercialization by the Company of
    its product candidates. The Board recognizes that Acorda has successfully
    commercialized products in the neurology field in the past and has a broad
    pipeline of future product candidates. As such, Acorda will be able to
    launch any potential future products including tozadenant and SYN120 without
    the need to build up a commercial infrastructure, which would be a
    significant cost for the Company if it were to commercialize the products on
    its own.
  * The Company's Operating and Financial Condition and Prospects.  The Board is
    familiar with the current and historical financial condition and results of
    operations of the Company, as well as the prospects and strategic objectives
    of the Company. Having considered different valuation methods, the Board
    believes, on the basis of this familiarity, that the consideration to be
    received by the Company's shareholders, ADS holders and the holders of the
    Equity Instruments in the Offer fairly reflects the Company's intrinsic
    value.
  * Strategic Alternatives. The Board has investigated and considered the trends
    in the markets and the industry and certain strategic alternatives available
    to the Company. Such alternatives include, but are not limited to, remaining
    an independent public company (with resulting long-term capital needs for
    the already disclosed additional clinical safety study for tozadenant and
    the commercialization phase of tozadenant or for potential additional
    investment in the Phase 2 products, such as SYN120, which could result in
    significant dilution to the shareholders of the Company), and partnering
    with others. The Board has also considered the risks and uncertainties
    associated with such alternatives and the challenges associated with the
    industry's current and expected competitive environment. The Board
    determined not to pursue those alternatives in light of its belief that the
    Offer maximized risk-adjusted shareholder value and represented the best
    alternative reasonably available to shareholders.
  * Market Check.  The Board considered the fact that the Company and its
    advisors had conducted a strategic review conducted in 2014, during which
    forty companies were approached regarding a potential strategic transaction
    or acquisition of the Company and that the process resulted in only one
    company submitting a non-binding offer, prior to the completion of
    significant due diligence, to acquire the Company for all-stock
    consideration with a value implying no premium over the Company's then-share
    price. Following the submission of the non-binding offer, that party did not
    engage with the Company to conduct due diligence or entertain further
    discussions surrounding terms of a potential transaction and ultimately
    withdrew its offer in October 2014. The Board also considered the fact that,
    following Acorda's indication of interest in acquiring the Company, the
    Company and its advisors had contacted six parties that the Company believed
    to be most likely to be interested in a transaction with the Company in
    order to determine such parties' interests in a potential transaction with
    the Company and that each of those parties ultimately declined to pursue a
    transaction with the Company that would be superior to Acorda's offer.
  * Likelihood of Consummation.  The Board considered that the Offer would
    reasonably likely be consummated in light of the facts that (i) Acorda has
    the financial ability and willingness to consummate the Offer, (ii) the
    Offer is not subject to any financing condition and (iii) the other
    conditions to the Offer are reasonable and customary.
  * Speed of Completion.  The Board considered the anticipated timing of the
    consummation of the Offer, and the structure of the transaction as a tender
    offer for the outstanding Shares, ADSs and Equity Instruments, which,
    subject to the satisfaction or waiver of the applicable conditions set forth
    in the Combination Agreement, should allow Company security holders to
    receive the consideration for their Shares, ADSs and Equity Instruments in a
    relatively short timeframe. The Board considered that the potential for
    closing the Offer in a relatively short timeframe could also reduce the
    amount of time in which the Company's business would be subject to the
    potential disruption and uncertainty pending closing.
  * Ability to Respond to Third-Party Takeover Proposals.  The Board considered
    the terms and conditions of the Combination Agreement related to the
    Company's ability to respond to third parties making takeover proposals
    under certain circumstances, including:

      * the right of the Company, under certain circumstances and subject to
        certain conditions, to furnish non-public information to, and to
        participate in discussions with, third parties in response to certain
        written proposals relating to alternative acquisition transactions; and
      * the right of the Board, under certain circumstances and subject to
        certain conditions, to withdraw or change its recommendation in favor of
        the Offer if the failure to do so would be inconsistent with its
        fiduciary duties and to terminate the Combination Agreement in order to
        enter into a written definitive agreement providing for an alternative
        acquisition transaction.
  * Terms of the Offer. The Board considered the terms and conditions of the
    Offer and the Combination Agreement. In addition, the Board viewed as
    desirable provisions in the Combination Agreement that prohibit Acorda from
    changing the terms of the Offer, without the consent of the Company, in a
    manner that (i) decreases the Offer consideration, (ii) changes the form of
    consideration to be paid in the Offer, (iii) decreases the number of Shares,
    ADSs or outstanding Equity Instruments sought in the Offer, (iv) extends or
    otherwise changes the expiration date of the Offer (except for the
    Subsequent Offer Period or as otherwise provided in the Combination
    Agreement), (v) imposes additional conditions to the Offer or (vi) otherwise
    amends, modifies or supplements the conditions to the Offer or terms and
    conditions of the Offer to the detriment in any material respect to the
    holders of Equity Interests.
  * Guggenheim Securities' Opinion.  The Board considered the opinion of
    Guggenheim Securities, dated January 19, 2016, to the Board as to the
    fairness, from a financial point of view and as of such date, of the EUR
    0.2946 per Share consideration to be received in the Offer by holders of
    Shares and ADSs (other than Acorda and its affiliates). The full text of
    Guggenheim Securities' written opinion, which is attached as Appendix 1 to
    this statement and which you should read carefully and in its entirety, is
    subject to the assumptions, limitations, qualifications and other conditions
    contained in such opinion and is necessarily based on economic, capital
    markets and other conditions, and the information made available to
    Guggenheim Securities, as of the date of such opinion.

         Guggenheim Securities' opinion was provided to the Board (in its
capacity as such) for its information and assistance in connection with its
evaluation of the Share consideration from a financial point of view, did not
constitute a recommendation to the Board with respect to the Offer and does not
constitute advice or a recommendation to any security holder of the Company as
to whether to tender any securities pursuant to the Offer or how to act with
respect to the Offer or any other matter. Guggenheim Securities' opinion did not
address the Company's underlying business or financial decision to pursue the
Offer, the relative merits of the Offer as compared to any alternative business
or financial strategies that might exist for the Company or the effects of any
other transaction in which the Company might engage. Guggenheim Securities'
opinion addressed only the fairness, from a financial point of view, of the
Share consideration to holders of Shares and ADSs (other than Acorda and its
affiliates) to the extent expressly specified therein and did not address any
other term, aspect or implication of the Offer or the Combination Agreement,
including, without limitation, the form or structure of the Offer, any
consideration payable in respect, or any tender, exercise, redemption,
conversion, rollover or assumption, of other securities (including warrants,
options and other equity-based grants) of the Company or any term, aspect or
implication of any tender agreement or any other agreement, transaction document
or instrument contemplated by the Combination Agreement or otherwise or to be
entered into or amended in connection with the Offer.

  * Irrevocable Undertakings. The Board considered that certain shareholders of
    the Company, solely in their capacities as shareholders, are supportive of
    the transaction and have agreed, pursuant to and subject to the conditions
    of the Irrevocable Undertakings, to tender their Equity Interests,
    representing approximately 65% (on a fully diluted basis) of the Shares and
    votes in Biotie as of January 14, 2016, the second to last trading day prior
    to announcement of the transaction, into the Offer, subject to the terms and
    conditions of the Irrevocable Undertakings.
The Board also considered a number of uncertainties and risks in its
deliberations concerning the transactions contemplated by the Combination
Agreement, including the Offer, including:

  * No Ongoing Equity Interest in the Company. The Board considered the fact
    that the shareholders of the Company will have no ongoing equity interest in
    the Company going forward, meaning that the shareholders will cease to
    participate in the Company's future potential growth or to benefit from
    potential increases in the value of the Shares.
  * Inability to Solicit Other Takeover Proposals. The Board considered the
    covenant in the Combination Agreement prohibiting the Company from further
    soliciting other potential acquisition proposals, and restricting its
    ability to entertain other potential acquisition proposals unless certain
    conditions are satisfied.
  * Termination Fee and Expenses. The Board considered the fact that that the
    Company would be obligated to pay a termination fee of $4,500,000 as
    compensation for Acorda's reasonable transaction costs if the Combination
    Agreement is terminated under certain circumstances, including to accept a
    superior proposal, and that the amount of the termination fee was
    reasonable, would not likely deter competing bids and would not likely be
    required to be paid unless the Company entered into a more favorable
    transaction.
  * Failure to Close. The Board considered that the conditions to Acorda's
    obligation to accept for payment and pay for the Equity Interests tendered
    pursuant to the Offer were subject to conditions, and the possibility that
    such conditions may not be satisfied, including as a result of events
    outside of the Company's control. The Board considered the fact that, if the
    Offer is not consummated, the Company's directors and other employees will
    have expended extensive time and effort and will have experienced
    significant distractions from their work during the pendency of the
    transaction, and the Company will have incurred significant transaction
    costs attempting to consummate the transaction. The Board also considered
    the fact that, if the Offer is not completed, the market's perception of the
    Company's continuing business could potentially result in a loss of vendors,
    business partners, collaboration partners and employees and that the trading
    price of the Shares and ADSs could be adversely affected.
  * Interim Operating Covenants. The Board considered that, under the terms of
    the Combination Agreement, the Company has agreed that it will carry on its
    business in the ordinary course consistent with past practice and, subject
    to specified exceptions, that the Company will not take a number of actions
    related to the conduct of its business without the prior written consent of
    Acorda. The Board further considered that these terms may limit the ability
    of the Company to pursue business opportunities that it would otherwise
    pursue.
  * Effect of Announcement. The Board considered the effect of the public
    announcement of the transaction on the Company's operations, Share and ADS
    price and employees, as well as its ability to attract and retain key
    personnel while the transaction is pending.
  * No Reverse Termination Fee. The Board considered the fact that Acorda will
    be able to terminate the Combination Agreement under certain circumstances
    that may be outside of the Company's control, without the payment of any
    reverse termination fee to the Company.
  * Interests of the Board. The Board considered the potential conflict of
    interest created by the fact that the Company's directors have financial
    interests in the transactions contemplated by the Combination Agreement,
    including the Offer, that may be different from or in addition to those of
    other security holders.
  * Transaction Costs. The Board considered the fact that the Company has and
    will continue to incur significant transaction costs and expenses in
    connection with the proposed transaction, regardless of whether or not such
    transaction is consummated.
The discussion of factors considered by the Board described above is not
intended to be exhaustive; rather it summarizes the material factors considered.
Due to the variety of factors and the quality and amount of information
considered, the Board did not find it practicable to, and did not make specific
assessments to, quantify or assign relative weights to the specific factors
considered in (i) making the determination that the Combination Agreement and
the transactions contemplated thereby were fair to and in the best interests of
the Company's shareholders, (ii) approving, adopting and declaring advisable the
Combination Agreement and the transactions contemplated thereby and (iii)
recommending that the holders of Equity Interests accept the Offer and tender
their Equity Interests pursuant to the Offer. Instead, the Board made its
determination after consideration of all factors taken together. In addition,
individual members of the Board may have given different weight to different
factors.

Strategic Plans of the Offeror and Their Likely Effects on Operations and
Employment

According to Acorda, the business of Biotie will eventually be integrated into
the business of Acorda. Acorda has stated that the final and longer-term impact
of the integration can be assessed only after the completion of the Tender
Offer. Acorda expects that the acquisition of Biotie will complement its
portfolio of finished or development products in the field of neurology.

Acorda states in the Offer to Purchase that the Offer will have no immediate
material near term effect on the operations, and business locations of, or
employment at Biotie. Acorda intends to keep Biotie's South San Francisco open
and to maintain its operations in full. In the near term, Acorda expects thatthe
completion of the Tender Offer will not have any immediate major impact on
Biotie's Turku operations and employees. Acorda will consider the longer-term
operating plan and scope of the Turku operations following the completion of the
Tender Offer.

Based on the information provided by the Offeror, the Biotie Board believes that
the strategic plans of the Offeror pursuant to the Offer would not generally
have a significant effect on the business or operations of Biotie. The Biotie
Board notes that the Offer may have an effect on employment in the Company with
regard to duplicative functions. Based on the statements of Acorda, the possible
impact of the planned arrangements on the status of the management and employees
of Biotie will be assessed in connection with the integration that the Offeror
plans to effect after the completion of the Offer.

In preparing its statement, the Board of Directors of Biotie has relied on
information provided in the draft Offer to Purchase by Acorda and has not
independently verified this information.

Financing of the Offer

According to information provided by the Offeror, the Offeror intends to finance
the Offer through cash on its balance sheet, which includes the proceeds of a
private placement to a banking institution of USD 75.0 million of the Offeror's
shares that was executed concurrently with the execution of the Combination
Agreement and settled on January 26, 2016. The Offeror has stated that the Offer
is not conditional upon obtaining any external financing for the Offer.

The Recommendation of the Board of Directors of Biotie

The Board of Directors of Biotie has conducted a number of meetings and
carefully evaluated the Offer and its terms and conditions based on the draft
Offer to Purchase and other available information.

The Board of Directors of Biotie believes that the consideration offered by
Acorda for the ADSs, the Shares and the Equity Instruments is fair to the
holders of such securities.

Based on the above factors, the Board of Directors of Biotie has decided, by
unanimous decision, to recommend that the holders of the ADSs, the Shares and
the Equity Instruments accept the Offer and tender their Equity Interests
pursuant to the Offer.

This statement is based on an assessment of the issues and factors which the
Board of Directors has concluded to be material in evaluating the Offer,
including, but not limited to, the information and assumptions on the business
operations and finances of Biotie at the date of this statement and their
expected future development.

The Board of Directors of Biotie notes that the holders of the ADSs, the Shares
and the Equity Instruments should also take into account the risks related to
non-acceptance of the Offer. The completion of the Offer reduces the number of
Biotie shareholders and the number of ADSs and Shares which would otherwise be
publicly traded. Depending on the number of ADSs and Shares validly tendered in
the Offer, this could have an adverse effect on the liquidity and value of the
ADSs and Shares.

Other Matters

Board member Mr. Don M. Bailey, ViVo Capital, the venture partner of which is
Board member Dr. Mahendra G. Shah, and Versant Ventures, where Board member Dr.
Guido Magni is partner, representing in total approximately 27% of the
outstanding shares and votes in Biotie (on a fully diluted basis), have entered
into Irrevocable Undertakings to accept Acorda's Offer. Mr Bailey, ViVo Capital
and Versant Euro Ventures entered into the Irrevocable Undertakings after
Biotie's Board of Directors approved the execution of of the Combination
Agreement on January 19, 2016. Board members Mr. Bailey, Dr. Shah and Dr. Magni
have not participated in the giving of this statement of the Biotie Board. In
matters related to the Offer, Biotie has committed itself to complying with the
Helsinki Takeover Code (Finnish: Ostotarjouskoodi) referred to in Chapter 11,
Section 28 of the Finnish Securities Markets Act.

This statement of the Biotie Board does not constitute investment or tax advice,
and the Biotie Board does not specifically evaluate herein the general price
development or the risks re­lating to the Shares in general. Shareholders must
independently decide whether to accept the Offer, and they should take into
account all relevant information available to them, including information
presented in the Offer to Purchase and this statement.

Pursuant to Chapter 18 of the Finnish Companies Act (624/2006, as amended), a
shareholder with more than 90% of all shares and votes in a company shall have
the right to acquire, and subject to a demand by the other shareholders also be
obligated to redeem, the shares owned by the other shareholders. Provided Acorda
acquires such amount of Shares, the Shares held by Biotie's security holders who
have not accepted the Offer and the Shares underlying ADSs held by holders of
ADSs who have not accepted the Offer may be redeemed through compulsory
redemption proceedings under the Finnish Companies Act under the conditions set
out therein.

Guggenheim Securities, LLC, has acted as the financial adviser to Biotie with
respect to the Offer, while Davis Polk & Wardwell LLP has acted as legal counsel
with respect to U.S. law and Hannes Snellman Attorneys Ltd has acted as legal
counsel with respect to Finnish law.



Helsinki, 4 March 2016

The Board of Directors of Biotie


For more information, please contact:

William M. Burns, Chairman of the Board of Directors

Contact requests:
Virve Nurmi, Biotie Therapies Corp.
tel. +358 2 274 8900, e-mail: virve.nurmi@biotie.com


DISTRIBUTION
www.biotie.com
Nasdaq Helsinki Ltd
NASDAQ Stock Exchange
Major media



CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
SOME OF THE STATEMENTS CONTAINED IN THIS RELEASE ARE FORWARD-LOOKING STATEMENTS,
INCLUDING STATEMENTS REGARDING THE EXPECTED CONSUMMATION OF THE ACQUISITION,
WHICH INVOLVES A NUMBER OF RISKS AND UNCERTAINTIES, INCLUDING THE SATISFACTION
OF CLOSING CONDITIONS FOR THE ACQUISITION, SUCH AS THE TENDER OF AT LEAST 90% OF
THE OUTSTANDING SHARES AND VOTING RIGHTS OF THE COMPANY, THE POSSIBILITY THAT
THE TRANSACTION WILL NOT BE COMPLETED AND OTHER RISKS AND UNCERTAINTIES
DISCUSSED IN THE COMPANY'S PUBLIC FILINGS WITH THE SEC, INCLUDING THE "RISK
FACTORS" SECTION OF THE COMPANY'S REGISTRATION STATEMENT ON FORM F-1 (NO.
333-204147), AS WELL AS THE TENDER OFFER DOCUMENTS TO BE FILED BY ACORDA AND THE
SOLICITATION/RECOMMENDATION STATEMENT TO BE FILED BY THE COMPANY.  THESE
STATEMENTS ARE BASED ON CURRENT EXPECTATIONS, ASSUMPTIONS, ESTIMATES AND
PROJECTIONS, AND INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER
FACTORS THAT MAY CAUSE RESULTS, LEVELS OF ACTIVITY, PERFORMANCE OR ACHIEVEMENTS
TO BE MATERIALLY DIFFERENT FROM ANY FUTURE STATEMENTS.  THESE STATEMENTS ARE
GENERALLY IDENTIFIED BY WORDS OR PHRASES SUCH AS "BELIEVE", "ANTICIPATE",
"EXPECT", "INTEND", "PLAN", "WILL", "MAY", "SHOULD", "ESTIMATE", "PREDICT",
"POTENTIAL", "CONTINUE" OR THE NEGATIVE OF SUCH TERMS OR OTHER SIMILAR
EXPRESSIONS.  IF UNDERLYING ASSUMPTIONS PROVE INACCURATE OR UNKNOWN RISKS OR
UNCERTAINTIES MATERIALIZE, ACTUAL RESULTS AND THE TIMING OF EVENTS MAY DIFFER
MATERIALLY FROM THE EXPECTED RESULTS AND/OR TIMING DISCUSSED IN THE FORWARD-
LOOKING STATEMENTS, AND YOU SHOULD NOT PLACE UNDUE RELIANCE ON THESE STATEMENTS.
THE COMPANY DISCLAIMS ANY INTENT OR OBLIGATION TO UPDATE ANY FORWARD-LOOKING
STATEMENTS AS A RESULT OF DEVELOPMENTS OCCURRING AFTER THE PERIOD COVERED BY
THIS RELEASE OR OTHERWISE.

ADDITIONAL INFORMATION AND WHERE TO FIND IT
THE OFFER HAS NOT BEEN COMMENCED.  THIS RELEASE IS FOR INFORMATIONAL PURPOSES
ONLY AND DOES NOT CONSTITUTE AN OFFER TO PURCHASE OR A SOLICITATION OF AN OFFER
TO SELL COMPANY SECURITIES.  THE SOLICITATION AND OFFER TO BUY COMPANY
SECURITIES WILL ONLY BE MADE PURSUANT TO AN OFFER TO PURCHASE AND RELATED
MATERIALS.  AT THE TIME THE OFFER IS COMMENCED, ACORDA WILL FILE A TENDER OFFER
STATEMENT ON SCHEDULE TO WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE
"SEC") AND THEREAFTER, THE COMPANY WILL FILE A SOLICITATION/RECOMMENDATION
STATEMENT ON SCHEDULE 14D-9 WITH RESPECT TO THE OFFER.  INVESTORS AND SECURITY
HOLDERS ARE URGED TO READ THESE MATERIALS CAREFULLY WHEN THEY BECOME AVAILABLE
SINCE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND
CONDITIONS OF THE OFFER.  THE OFFER TO PURCHASE, SOLICITATION/RECOMMENDATION
STATEMENT AND RELATED MATERIALS WILL BE FILED BY ACORDA AND THE COMPANY WITH THE
SEC, AND INVESTORS AND SECURITY HOLDERS MAY OBTAIN A FREE COPY OF THESE
MATERIALS (WHEN AVAILABLE) AND OTHER DOCUMENTS FILED BY ACORDA AND THE COMPANY
WITH THE SEC AT THE WEBSITE MAINTAINED BY THE SEC AT WWW.SEC.GOV.  INVESTORS AND
SECURITY HOLDERS MAY ALSO OBTAIN FREE COPIES OF THE SOLICITATION/RECOMMENDATION
STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC BY THE COMPANY AT
WWW.BIOTIE.COM.




Attachment: Guggenheim Securities' Opinion



January 19, 2016
The Board of Directors Biotie Therapies Corp.
Joukahaisenkatu 6, FI-20520
Turku, Finland

Members of the Board:

We understand that Biotie Therapies Corp. ("Biotie") and Acorda Therapeutics,
Inc. ("Acorda") intend to enter into a Combination Agreement (the "Agreement"),
pursuant to which Acorda will commence a tender offer (the "Tender Offer") to
purchase all outstanding ordinary shares, no nominal value, of Biotie ("Biotie
Ordinary Shares") and all outstanding American Depositary Shares, each
representing 80 Biotie Ordinary Shares ("Biotie ADSs" and, together with Biotie
Ordinary Shares, "Biotie Shares"), at a purchase price of €0.2946 per Biotie
Ordinary Share in cash (the "Offer Price"). The terms and conditions of the
Tender Offer are more fully set forth in the Agreement.

You have asked us to render our opinion as to whether the Offer Price to be
received in the Tender Offer by holders of Biotie Shares (other than Acorda and
its affiliates) pursuant to the Agreement is fair, from a financial point of
view, to such holders.

In the course of performing our reviews and analyses for rendering our opinion,
we have:

  * Reviewed a draft of the Agreement dated as of January 18, 2016;
  * Reviewed certain publicly available business and financial information
    regarding Biotie;
  * Reviewed certain non-public business and financial information regarding
    Biotie's businesses and prospects (including certain unadjusted and
    probability-adjusted financial projections relating to Biotie and estimates
    as to potentially realizable existing net operating loss carryforwards
    expected to be utilized by Biotie), all as prepared and provided to us by
    Biotie's senior management;
  * Discussed with Biotie's senior management their views of Biotie's
    businesses, operations, historical and projected financial results and
    future prospects;
  * Reviewed the historical prices of Biotie Shares;
  * Performed discounted cash flow analyses based on the probability-adjusted
    financial projections for Biotie and the estimates as to potentially
    realizable existing net operating loss carryforwards expected to be utilized
    by Biotie, in each case as furnished to us by Biotie;
  * Reviewed implied transaction values and financial metrics of certain mergers
    and acquisitions that we deemed relevant in evaluating the Tender Offer;
  * Reviewed implied enterprise values of certain publicly traded companies that
    we deemed relevant in evaluating Biotie; and

  * Conducted such other studies, analyses, inquiries and investigations as we
    deemed appropriate.

With respect to the information used in arriving at our opinion:

  * We have relied upon and assumed the accuracy, completeness and
    reasonableness of all industry, business, financial, legal, regulatory, tax,
    accounting, actuarial and other information (including, without limitation,
    any financial projections, estimates as to potentially realizable existing
    net operating loss carryforwards expected to be utilized by Biotie, other
    estimates and other forward-looking information) furnished by or discussed
    with Biotie or obtained from public sources, data suppliers and other third
    parties.

  * We (i) do not assume any responsibility, obligation or liability for the
    accuracy, completeness, reasonableness, achievability or independent
    verification of, and we have not independently verified, any such
    information (including, without limitation, any financial projections,
    estimates as to potentially realizable existing net operating loss
    carryforwards expected to be utilized by Biotie, other estimates and other
    forward-looking information), (ii) express no view, opinion, representation
    or warranty (in each case, express or implied) regarding the (a)
    reasonableness of operating loss carryforwards expected to be utilized by
    Biotie, other estimates and other forward-looking information or the
    assumptions upon which they are based or (b) probability adjustments
    included in such financial projections and (iii) have relied upon the
    assurances of Biotie's senior management that they are unaware of any facts
    or circumstances that would make such information (including, without
    limitation, any financial projections, estimates as to potentially
    realizable existing net operating loss carryforwards expected to be utilized
    by Biotie, other estimates and other forward-looking information)
    incomplete, inaccurate or misleading.

  * Specifically, with respect to any (i) financial projections, estimates as to
    potentially realizable existing net operating loss carryforwards expected to
    be utilized by Biotie, other estimates and other forward-looking information
    furnished by or discussed with Biotie, (a) we have been advised by Biotie's
    senior management, and we have assumed, that such financial projections,
    estimates as to potentially realizable existing net operating loss
    carryforwards expected to be utilized by Biotie, other estimates and other
    forward-looking information utilized in our analyses have been reasonably
    prepared on bases reflecting the best currently available estimates and
    judgments of Biotie's senior management as to the expected future
    performance of Biotie and (b) we have assumed that such financial
    projections, estimates as to potentially realizable existing net operating
    loss carryforwards expected to be utilized by Biotie, other estimates and
    other forward-looking information have been reviewed by Biotie's Board of
    Directors with the understanding that such information will be used and
    relied upon by us in connection with rendering our opinion and (ii)
    financial projections, other estimates and/or other forward-looking
    information obtained by us from public sources, data suppliers and other
    third parties, we have assumed that such information is reasonable and
    reliable. We have been advised by Biotie's Board of Directors and senior
    management, based on their assessments as to the relative likelihood of
    achieving the future financial results for Biotie as reflected in the
    unadjusted and probability-adjusted financial projections relating to
    Biotie, to rely for purposes of our analyses and opinion on such
    probability-adjusted financial projections, as applicable.

  * We have relied upon, without independent verification, the assessments of
    Biotie's senior management as to, among other things, (i) the potential
    impact on Biotie of market and other trends in and prospects for, and
    governmental, regulatory and legislative matters relating to or affecting,
    the biotechnology, life sciences and pharmaceutical sectors in which Biotie
    operates, (ii) Biotie's existing and future products and product candidates,
    including the validity of, and risks associated with, such products, product
    candidates and intellectual property, and (iii) the probabilities of
    successful commercialization of, and peak worldwide sales attributable to,
    such products and product candidates (including, without limitation, the
    timing and probabilities of successful development, testing, manufacturing
    and marketing thereof; approval thereof by relevant governmental
    authorities; prospective product-related sales prices, annual sales price
    increases and volumes with respect thereto; the validity and life of patents
    with respect thereto; and the potential impact of competition thereon). We
    have assumed that there will not be any developments with respect to any
    such matters that would be meaningful in any respect to our analyses or
    opinion.

  * We have utilized a publicly available Euro to United States Dollar exchange
    rate, and we have assumed that such exchange rate is reasonable to utilize
    for purposes of our analyses and that any currency or exchange rate
    fluctuations will not be meaningful in any respect to our analyses or
    opinion. We have not assessed or considered, for purposes of our analyses
    and opinion, foreign currency exchange risks associated with the Tender
    Offer.
During the course of our engagement, we were asked by Biotie's Board of
Directors to solicit indications of interest from various third parties
regarding a potential transaction with Biotie, and we have considered the
results of such solicitation process in rendering our opinion.

In arriving at our opinion, we have not performed or obtained any independent
appraisal of the assets or liabilities (including any contingent, derivative or
off-balance sheet assets and liabilities) of Biotie or any other entity or the
solvency or fair value of Biotie or any other entity, nor have we been furnished
with any such appraisals. We are not expressing any view or rendering any
opinion regarding the tax consequences to Biotie or holders of Biotie Shares or
any other securities of the Tender Offer. We are not legal, regulatory, tax,
consulting, accounting, appraisal or actuarial experts and nothing in our
opinion should be construed as constituting advice with respect to such matters;
accordingly, we have relied on the assessments of Biotie and its other advisors
with respect to such matters.

In rendering our opinion, we have assumed that, in all respects material to our
analyses, (i) the final executed form of the Agreement will not differ from the
draft that we have reviewed, (ii) Biotie and Acorda will comply with all terms
of the Agreement and (iii) the representations and warranties of Biotie and
Acorda contained in the Agreement are true and correct and all conditions to the
obligations of each party to the Agreement to consummate the Tender Offer will
be satisfied without any waiver thereof. We also have assumed that the Tender
Offer will be consummated in a timely manner, in accordance with the terms of
the Agreement and in compliance with all applicable laws, documents and other
requirements, without any limitations, restrictions, conditions, waivers,
amendments or modifications (regulatory, tax-related or otherwise) that would be
meaningful in any respect to our analyses or opinion.

In rendering our opinion, we do not express any view or opinion as to the price
or range of prices at which Biotie Shares or other securities of Biotie may
trade or otherwise be transferable at any time, including subsequent to the
announcement or consummation of the Tender Offer. We have acted as a financial
advisor to Biotie in connection with the Tender Offer and will receive a
customary fee for such services, a substantial portion of which is contingent on
successful consummation of the Tender Offer and a portion of which is payable
upon delivery of our opinion and will be credited against the fee payable upon
consummation of the Tender Offer. In addition, Biotie has agreed to reimburse us
for certain expenses and to indemnify us against certain liabilities arising out
of our engagement.

Guggenheim Securities, LLC ("Guggenheim Securities") has been previously engaged
during the past three years and is currently engaged by Biotie to provide
certain financial advisory or investment banking services in connection with
matters unrelated to the Tender Offer, for which we have received (or expect to
receive) customary fees. Specifically during the past three years, as Biotie's
Board of Directors is aware, Guggenheim Securities has acted as financial
advisor to Biotie in connection with various acquisition and disposition
activities, partnership arrangements and other general advisory matters.
Guggenheim Securities has not provided financial advisory or investment banking
services during the past three years to Acorda for which Guggenheim Securities
has received fees. Guggenheim Securities may seek to provide Biotie, Acorda and
their respective affiliates with certain financial advisory and investment
banking services unrelated to the Tender Offer in the future.

Guggenheim Securities and its affiliates and related entities engage in a wide
range of financial services activities for our and their own accounts and the
accounts of our and their customers, including: asset, investment and wealth
management; investment banking, corporate finance, mergers and acquisitions and
restructuring; merchant banking; fixed income and equity sales, trading and
research; and derivatives, foreign exchange and futures. In the ordinary course
of these activities, Guggenheim Securities or its affiliates and related
entities may (i) provide such financial services to Biotie, Acorda, other
participants in the Tender Offer or their respective affiliates, subsidiaries,
investment funds and portfolio companies, for which services Guggenheim
Securities or its affiliates and related entities has received, and may receive,
compensation and (ii) directly or indirectly, hold long or short positions,
trade and otherwise conduct such activities in or with respect to certain bank
debt, debt or equity securities and derivative products of or relating to
Biotie, Acorda, other participants in the Tender Offer or their respective
affiliates, subsidiaries, investment funds and portfolio companies. Furthermore,
Guggenheim Securities or its affiliates and related entities and our or their
directors, officers, employees, consultants and agents may have investments in
Biotie, Acorda, other participants in the Tender Offer or their respective
affiliates, subsidiaries, investment funds and portfolio companies.

Consistent with applicable legal and regulatory guidelines, Guggenheim
Securities has adopted certain policies and procedures to establish and maintain
the independence of its research departments and personnel. As a result,
Guggenheim Securities' research analysts may hold views, make statements or
investment recommendations and publish research reports with respect to Biotie,
Acorda, other participants in the Tender Offer or their respective affiliates,
subsidiaries, investment funds and portfolio companies and the Tender Offer that
differ from the views of Guggenheim Securities' investment banking personnel.

Our opinion has been provided to Biotie's Board of Directors (in its capacity as
such) for its information and assistance in connection with its evaluation of
the Offer Price. Our opinion may not be disclosed publicly, made available to
third parties or reproduced, disseminated, quoted from or referred to at any
time, in whole or in part, without our prior written consent; provided, however,
that this letter may be included in its entirety in any Tender Offer
Solicitation/Recommendation Statement on Schedule 14D-9 required to be
distributed to the holders of Biotie Shares in connection with the Tender Offer
pursuant to the United States Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder, and in any Tender Offer
statement required to be distributed to the holders of Biotie Shares in
connection with the Tender Offer pursuant to the Finnish Securities Market Act.

Our opinion and any materials provided in connection therewith do not constitute
a recommendation to Biotie's Board of Directors with respect to the Tender
Offer, nor does our opinion constitute advice or a recommendation to any
security holder of Biotie as to whether to tender any securities pursuant to the
Tender Offer or how any such security holder should act with respect to the
Tender Offer or any other matter. Our opinion does not address Biotie's
underlying business or financial decision to pursue the Tender Offer, the
relative merits of the Tender Offer as compared to any alternative business or
financial strategies that might exist for Biotie or the effects of any other
transaction in which Biotie might engage. Our opinion addresses only the
fairness, from a financial point of view, of the Offer Price to holders of
Biotie Shares (other than Acorda and its affiliates) to the extent expressly
specified herein. We do not express any view or opinion as to any other term,
aspect or implication of the Tender Offer or the Agreement, including, without
limitation, the form or structure of the Tender Offer, any consideration payable
in respect, or any tender, exercise, redemption, conversion, rollover or
assumption, of other securities (including warrants, options and other equity-
based grants) of Biotie or any term, aspect or implication of any tender
agreement or any other agreement, transaction document or instrument
contemplated by the Agreement or otherwise or to be entered into or amended in
connection with the Tender Offer, or the fairness, financial or otherwise, of
the Tender Offer to, or of any consideration to be paid to or received by, the
holders of any class of securities (other than the fairness, from a financial
point of view, of the Offer Price to holders of Biotie Shares (other than Acorda
and its affiliates) to the extent expressly specified herein), creditors or
other constituencies of Biotie. Furthermore, we do not express any view or
opinion as to the fairness, financial or otherwise, of the amount or nature of
any compensation payable to or to be received by any of Biotie's or Acorda's
directors, officers or employees, or any class of such persons, in connection
with the Tender Offer relative to the Offer Price or otherwise. Our opinion does
not address the individual circumstances of specific holders with respect to
rights or aspects which may distinguish such holders or the securities of Biotie
held by such holders and our opinion does not address, take into consideration
or give effect to any rights, preferences, restrictions or limitations or other
attributes of any such securities nor does our opinion in any way address
proportionate allocation or relative fairness. We have assumed that each
outstanding Biotie ADS has a value equivalent to 80 Biotie Ordinary Shares.

Our opinion has been authorized for issuance by the Fairness Opinion and
Valuation Committee of Guggenheim Securities. Our opinion is subject to the
assumptions, limitations, qualifications and other conditions contained herein
and is necessarily based on economic, capital markets and other conditions, and
the information made available to us, as of the date hereof. As Biotie is aware,
the global capital markets have been experiencing and remain subject to
volatility, and Guggenheim Securities expresses no view or opinion as to any
potential effects of such volatility on Biotie or the Tender Offer. We assume no
responsibility for updating or revising our opinion based on facts,
circumstances or events occurring after the date hereof.

Based on and subject to the foregoing, it is our opinion that, as of the date
hereof, the Offer Price to be received in the Tender Offer by holders of Biotie
Shares (other than Acorda and its affiliates) pursuant to the Agreement is fair,
from a financial point of view, to such holders.

Very truly yours,

GUGGENHEIM SECURITIES, LLC








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