Acorda Therapeutics (NASDAQ: ACOR) has entered into an agreement to acquire Civitas Therapeutics, a biopharma developing respiratory drug delivery technologies, for $525 million in cash. Civitas had recently filed to go public, even going as far as setting terms of its IPO. The acquisition amount would be about $160 million larger than the potential market cap for Civitas had it gone public at its range midpoint. The deal is expected to close in 4Q and will bring Acorda the rights to CVT-301, Civitas' Phase 3 treatment candidate for episodes of Parkinson's disease. Civitas had raised roughly $118 million in equity; Bay City Capital held a 10.5% stake.