Exhibit 99.3

ACORDA THERAPEUTICS, INC. AND SUBSIDIARIES

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

The following unaudited pro forma condensed combined financial information is based on the historical financial statements of Acorda Therapeutics, Inc. ("Acorda" or the "Company") and Biotie Therapies Oyj ("Biotie"), Turku, Finland, and presents the Company's pro forma financial position and results of operations resulting from the Company's acquisition of Biotie (the "Acquisition").

The unaudited pro forma condensed combined balance sheet as of March 31, 2016 (the "Pro Forma Balance Sheet") gives effect to the Acquisition as if it had occurred on March 31, 2016, combining the unaudited condensed consolidated balance sheet of Acorda at March 31, 2016 and the unaudited condensed consolidated balance sheet of Biotie at March 31, 2016.

The unaudited pro forma condensed combined statements of operations for the year ended December 31, 2015, and for the three months ended March 31, 2016 (the "Pro Forma Statements of Operations"), give effect to the Acquisition, as if it had occurred on January 1, 2015, combining the audited results of Acorda for the year ended December 31, 2015 and the audited results of Biotie for the year ended December 31, 2015, and combining the unaudited results of Acorda for the three months ended March 31, 2016 and the unaudited results of Biotie for the three months ended March 31, 2016.

The Pro Forma Statements of Operations and the Pro Forma Balance Sheet are hereafter collectively referred to as the "Pro Forma Financial Information."

The Pro Forma Financial Information has been adjusted to give effect to matters that are directly attributable to the Acquisition and factually supportable. In addition, the Pro Forma Statements of Operations have been adjusted to give effect to only those matters that are expected to have a continuing impact on the operating results of the Company. The pro forma adjustments and Pro Forma Financial Information included herein were prepared using the acquisition method of accounting for the business combination under the provisions of Accounting Standards Codification ("ASC") 805, "Business Combinations" ("ASC 805"). The pro forma adjustments are based on preliminary estimates and certain assumptions that Acorda believes are reasonable under the circumstances. The fair value amounts assigned to the identifiable assets acquired and liabilities assumed is considered preliminary and subject to change once Acorda receives certain additional information it believes is necessary to finalize its fair value assessments and any changes to the fair values could be material. The Pro Forma Financial Information does not reflect the cost of any integration activities or benefits that may result from synergies that may be derived from any integration activities or revenue enhancements that may be realized subsequent to the Acquisition.

Acorda prepares its financial statements in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") with all amounts presented in U.S. dollars. Biotie prepares its financial statements in accordance with International Financial Reporting Standards ("IFRS") and IFRIC Interpretations, as issued by the International Accounting Standards Board ("IASB") with all amounts presented in Euros. Adjustments made to align Biotie's financial information prepared under IFRS with Acorda's accounting policies and presentation under U.S. GAAP are described in Note 4, "IFRS to U.S. GAAP Reconciliation and Presentation Reclassifications." Amounts which reference the transfer of consideration are translated from Euro to U.S. dollar using the spot rate of $1.14 to €1.00.

The Pro Forma Financial Information is unaudited and does not purport to represent what Acorda's combined results of operations would have been if the Acquisition had occurred on January 1, 2015, or what those results will be for any future periods, or what Acorda's combined balance sheet would have been if the Acquisition had occurred on March 31, 2016.

The following information should be read in conjunction with the Pro Forma Financial Information:

·	The accompanying notes to the Pro Forma Financial Information;

·	The audited consolidated financial statements of Acorda included in our Annual Report on Form 10–K for the fiscal year ended December 31, 2015, and filed with the SEC on February 29, 2016;

·	The historical unaudited consolidated financial statements of Acorda included in our Quarterly Report on Form 10–Q as of and for the three months ended March 31, 2016, and filed with the SEC on May 5, 2016;

·	The historical audited consolidated financial statements of Biotie for the year ended December 31, 2015, which were prepared in accordance with IFRS in EUR as the reporting currency, attached as Exhibit 99.1 to the Form 8–K/A; and

·

The historical unaudited interim condensed consolidated financial statements of Biotie as of and for the three months ended March 31, 2016 and for the three months ended March 31, 2015, prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting," as issued by the International Accounting Standards Board in EUR as the reporting currency, attached as Exhibit 99.2 to the Form 8–K/A.

ACORDA THERAPEUTICS, INC. AND SUBSIDIARIES

Unaudited Pro Forma Condensed Combined Balance Sheet

As of March 31, 2016

(In thousands of U.S. dollars)

See accompanying notes to the unaudited Pro Forma Financial Information

ACORDA THERAPEUTICS, INC. AND SUBSIDIARIES

Unaudited Pro Forma Condensed Combined Statement of Operations

For the Year Ended December 31, 2015

(In thousands of U.S. dollars, except per share data)

 

See accompanying notes to the unaudited Pro Forma Financial Information

ACORDA THERAPEUTICS, INC. AND SUBSIDIARIES

Unaudited Pro Forma Condensed Combined Statement of Operations

For the Three Months Ended March 31, 2016

(In thousands of U.S. dollars, except per share data)

See accompanying notes to the unaudited Pro Forma Financial Information

NOTES TO UNAUDITED PRO FORMA FINANCIAL INFORMATION

1. Basis of Presentation

On March 11, 2016, Acorda Therapeutics, Inc. ("Acorda" or the "Company") 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") (collectively, the "Equity Interests") in Biotie Therapies Corp ("Biotie") 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 April 8, 2016.  The consideration offered by Acorda for all issued and outstanding Shares, ADSs, Option Rights, Share Rights and Warrants of Biotie in the Transaction was (i) EUR 0.2946 in cash per Share, (ii) EUR 23.5680 in cash per ADS, (iii) various prices for the Option Rights and Share Rights depending on their exercise price and (iv) EUR 0.1664 in cash per Warrant.

On April 18, 2016, the purchase of the Equity Interests tendered during the Offer Period closed. 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 April 8, 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 April 12, 2016.

The Equity Interests purchased by Acorda represent approximately 93% of all the shares and votes in Biotie on a fully-diluted basis as defined in the terms and conditions of the Tender Offer (the "Acquisition").  On May 4, 2016, the Company acquired another approximately 4% of Biotie's fully diluted capital stock pursuant to a subsequent public offer to Biotie stockholders that did not tender their shares in the initial tender offer.  Accordingly, the Company currently owns approximately 96.77% of the fully diluted capital stock of Biotie.  The Company intends to acquire all remaining shares of Biotie capital stock that have not been tendered to the Company pursuant to compulsory redemption proceedings under Finnish law that the Company initiated in April 2016.  The Company expects to complete the acquisition of 100% of Biotie pursuant to these compulsory redemption proceedings in the second half of 2016.

The unaudited pro forma condensed combined financial information was prepared using the acquisition method of accounting and was based on the historical financial information of Acorda and Biotie. The acquisition method of accounting, based on ASC 805, uses the fair value concepts defined in ASC 820, "Fair Value Measurement" ("ASC 820"). The historical consolidated financial information has been adjusted in the accompanying unaudited pro forma condensed combined financial information to give effect to pro forma events that are (i) directly attributable to the acquisition, (ii) factually supportable, and (iii) with respect to the unaudited pro forma condensed combined statements of operations, expected to have a continuing impact on the consolidated results.

ASC 820 defines fair value, establishes the framework for measuring fair value for any asset acquired or liability assumed under US GAAP, expands disclosures about fair value measurements and specifies a hierarchy of valuation techniques based on the nature of the inputs used to develop the fair value measures. Fair value is defined in ASC 820 as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date". Market participants are assumed to be buyers or sellers in the most advantageous market for the asset or liability. Fair value measurement for an asset assumes the highest and best use by these market participants, and as a result, assets may be required to be recorded which are not intended to be used or sold and/or assets may be required to be valued at a fair value measurement that do not reflect management's intended use for those assets. Fair value measurements can be highly subjective and it is possible the application of reasonable judgment could develop different assumptions resulting in a range of alternative estimates using the same facts and circumstances.

ASC 805 requires, among other things, that most assets acquired and liabilities assumed in a business combination be recognized at their fair values as of the acquisition date and that the fair value of acquired in-process research and development ("IPR&D") be recorded on the balance sheet.

The accompanying Pro Forma Balance Sheet as of March 31, 2016 gives effect to the Acquisition as if it had occurred on March 31, 2016, combining the unaudited balance sheet of Acorda and the unaudited balance sheet of Biotie as of March 31, 2016.

The accompanying Pro Forma Statements of Operations for the year ended December 31, 2015, and for the three months ended March 31, 2016, give effect to the Acquisition as if it had occurred on January 1,

2015, combining the audited results of Acorda and Biotie for the year ended December 31, 2015, and combining the unaudited results of Acorda and Biotie for the three months ended March 31, 2016.

The period end exchange rate applicable to the purchase accounting adjustments and to Biotie for the Pro Forma Balance Sheet and the average exchange rate during the periods presented for the Pro Forma Statements of Operations are as follows:

 

The Pro Forma Financial Information is not intended to reflect the financial position or results of operations which would have actually resulted had the Acquisition been effected on the dates indicated. Further, the results of operations are not necessarily indicative of the results of operations that may be obtained in the future.

2. Summary of Significant Accounting Policies

Acquisition accounting rules require evaluation of certain assumptions, estimates or determination of financial statement classifications which are completed during the measurement period as defined in current accounting standards. Adjustments were made to: (i) convert the financial statements of Biotie from IFRS to US GAAP, (ii) conform to the Company's accounting policies and classifications, (iii) and translate the Euro amounts into U.S. dollars, as set out further in Note 4, "IFRS to U.S. GAAP Reconciliation and Presentation Reclassifications."  For the purposes of preparing this unaudited pro forma condensed combined financial information, management has prepared these adjustments based on a preliminary analysis of the adjustments required to convert Biotie's financial statements from IFRS to US GAAP. Apart from these adjustments, the accounting policies of Acorda may materially vary from those of Biotie. During the preparation of this unaudited pro forma condensed combined financial information, management has performed a preliminary analysis of Biotie's accounting policies. The Company's assessment is ongoing and, at the time of preparing the unaudited pro forma condensed combined financial information, other than the adjustments made herein, the Company is not aware of any other material differences. Accordingly, this unaudited pro forma condensed combined financial information assumes no other material differences in accounting policies between the two companies. Management will conduct a final review of Biotie's accounting policies in an effort to determine if additional differences in accounting policies and/or additional differences between IFRS and US GAAP require adjustment or reclassification of Biotie's results of operations or require reclassification of assets or liabilities to conform to Acorda's accounting policies and classifications, or US GAAP or other adjustments which may be required by acquisition accounting rules. As a result of that review, management may identify differences that, when conformed, could have a material impact on this unaudited pro forma condensed combined financial information.

3. Preliminary Purchase Price Allocation

The estimated purchase price and the allocation of the estimated purchase price discussed below are preliminary. An independent third-party appraiser assisted in performing a preliminary valuation. The final allocation of the purchase price will be determined at a later date and is dependent on a number of factors, including the final evaluation of the fair value of Biotie's tangible and identifiable intangible assets acquired and liabilities assumed. Such final adjustments or other increases or decreases to amortization resulting from the allocation of the purchase price to amortizable tangible and intangible assets, may be material.

The following table summarizes the allocation of the purchase price as if the Acquisition had occurred on March 31, 2016 on the basis of a preliminary assessment of the fair values of the assets acquired and liabilities assumed reflecting a Euro to U.S. dollar using the spot exchange rate of $1.14 to €1.00:

The fair values of acquired assets and liabilities are based on preliminary cash flow projections and other assumptions. The preliminary fair values of acquired intangible assets were determined by applying the income approach, using several significant unobservable inputs for projected cash flows and a discount rate. These inputs are considered Level 3 inputs under the fair value measurements and disclosure guidance. These preliminary fair values are subject to change as the Company obtains additional information finalizing these fair values and such changes to fair values could be material.

The fair values of Biotie's long-term financial liabilities are based on preliminary cash flow projections and other assumptions. These inputs are considered Level 3 inputs under the fair value measurements and disclosure guidance. These preliminary fair values are subject to change as the Company obtains additional information finalizing these fair values and such changes to fair values could be material.

The fair value of the deferred taxes are based on the book and tax basis differences of the fair value step-ups attributable to identifiable assets acquired at the applicable statutory rate. The statutory rate was based upon the jurisdictions of the identifiable intangible assets. This estimate of deferred income tax liabilities is preliminary and is subject to change based upon management's final determination of the fair values of the tangible and identifiable intangible assets acquired by jurisdiction.  Income tax rates do not take into account any possible future tax events or changes in planned structure for the combined company.

The fair value of the noncontrolling interests on the date of acquisition of $25.8 million was comprised of the fair value of Biotie's Equity Interests not acquired by Acorda. The fair value of the noncontrolling interest for Biotie's Equity Interest that was not acquired by Acorda was determined by a quoted market price that is considered to be a Level 1 input under the fair value measurements and disclosure guidance.

The excess of the purchase price and the noncontrolling interests over the acquired net assets has been allocated to goodwill.

Of the total $351.4 million acquisition date purchase price, $325.5 million has been allocated to definite- and indefinite-lived intangible assets acquired. Acquired intangible assets and their estimated useful lives consist of the following:

The definite-lived intangible assets will be amortized on a straight line basis over the period in which the Company expects to receive economic benefit and will be reviewed for impairment when facts and circumstances indicate that the carrying value of the asset may not be recoverable.

The fair value of IPR&D will be capitalized as of the acquisition date and subsequently accounted for as an indefinite-lived intangible asset until disposition of the asset or completion or abandonment of the associated research and development efforts. Accordingly, during the development period after the completion of the acquisition, these assets will not be amortized into earnings; instead, these assets will

be subject to periodic impairment testing. Upon successful completion of the development process for an acquired IPR&D project, determination as to the useful life of the asset will be made. The assets will then be considered definite-lived intangible assets and amortization of the assets into earnings would begin over the estimated useful life of the assets.

4. IFRS to U.S. GAAP Reconciliation and Presentation Reclassifications

The historical financial statements of Biotie are presented in Euros and have been prepared in accordance with IFRS as issued by the IASB. The Biotie unaudited financial information reflected in the pro forma financial information has been adjusted for the identified preliminary differences between IFRS and US GAAP and translated from the Euro amounts into U.S. dollars. In addition, certain balances were reclassified from the Biotie unaudited historical financial statements so that their presentation would be consistent with the Company's presentation. These adjustments and reclassifications are based on management's preliminary analysis. When management conducts a final review in an effort to determine whether additional differences in accounting policies require adjustment or reclassification of Biotie's results of operations or reclassification of assets or liabilities to conform to Acorda's accounting policies and classifications or are required by acquisition accounting rules, additional differences may be identified that, when conformed, could have a material impact on these unaudited pro forma condensed combined financial statements.

Unaudited Pro Forma Biotie Condensed Consolidated Balance Sheet

 

Unaudited Pro Forma Biotie Condensed Consolidated Statement of Operations

 

Unaudited Pro Forma Biotie Condensed Consolidated Statement of Operations

 

The following reclassifications and adjustments were made to reconcile Biotie's financial information, as reported under IFRS, with U.S. GAAP and to conform to Acorda's presentation:

 

 

Balance Sheet: reclassify (i) amounts held in money market funds from short-term investments to cash and cash equivalents and (ii) non-current financial liabilities to other non-current liabilities.

Statement of Operations: reclassify (i) grant income from other operating income to research and development expense and (ii) rental and sublease income from other operating income to selling, general, and administrative expense.

 

5. Pro Forma Adjustments

The following pro forma adjustments were made to reflect the Acquisition and the combination of Acorda and Biotie:

 

 

Noncontrolling Interests – represents the fair value of the Equity Interests that were not acquired as of the date of the Acquisition.

 

 

 

 

Foreign currency options – represents the reversal of the unrealized gain on the foreign currency options entered into by Acorda to limit its exposure to fluctuations in exchange rates between the U.S. dollar and the Euro until the Acquisition was completed.