Australia's Neuren Pharma rises on expanding license deal with Acadia

Neuren Pharmaceuticals

14/07/2023 02:18

** Shares of Neuren Pharmaceuticals  NEU.AX  rise as much as
26.2% to A$14.690 - their highest since May 23
    ** NEU last up 17.9% - set for best day since March 15, if
gains hold
    ** Co expands Acadia Pharmaceuticals'  ACAD.O  exclusive
licence for its trofinetide drug in North America to worldwide  
    ** NEU's trofinetide drug DAYBUE is approved by U.S. FDA to
treat genetic brain disorders like Rett syndrome
    ** Under deal, NEU will receive $100 mln up-front, plus
potential milestone payments of up to $427 mln and royalties 
    ** NEU top gainer on ASX All Ordinaries index  .AORD 
    ** As of last close, stock up 46.4% this year

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))