UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):  February 5, 2007

Acorda Therapeutics, Inc.
(Exact name of registrant as specified in its charter)

Not Applicable
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01 Other Events

On February 5, 2007, Acorda Therapeutics, Inc. ("Acorda" or “the registrant”) received a second $5 million payment from Paul Capital Healthcare, pursuant to its Revenue Interests Assignment Agreement ( the “Agreement”) entered into with an affiliate of Paul Capital Healthcare. As was previously disclosed in Acorda's Current Report on Form 8-K filed with the Securities and Exchange Commission on November 29, 2006, the Agreement was amended on November 28, 2006 in order to fund the expansion of Acorda’s Zanaflex Capsules™ salesforce and other Zanaflex Capsules operations.

A copy of the press release announcing the payment is attached hereto as Exhibit 99.1 and incorporated by reference into this Item.

The information in this Item 8.01 of Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

99.1 Press Release dated February 7, 2007

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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Exhibit Index

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