Acadia Pharma up on licensing agreement for brain disorder drug

Neuren Pharmaceuticals

13/07/2023 21:59

** Acadia Pharmaceuticals'  ACAD.O  shares rise 26% to
$32.50 after market
    ** Company says it has expanded its licensing agreement with
Neuren Pharma to acquire ex-North America and global rights of
drug to treat genetic brain disorders, Rett syndrome and Fragile
X syndrome
    ** Under expanded agreement, Neuren will receive upfront
payment of $100 mln and is eligible to receive additional
milestone and royalty payments
    ** In March, U.S. FDA approved the drug for the treatment of
Rett syndrome, a genetic brain disorder
    ** Acadia plans to submit marketing application for the drug
in Canada in the next 18 months
    ** As of last close, Acadia shares up ~62% YTD

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com))