Acadia Pharmaceuticals Inc. (ACAD)

[IanFromSI]

Shares of Acadia climbed 17% in after-hours trading Thursday.

Price: 30.25, Change: +4.45, Percent Change: +17.25



ACADIA Pharmaceuticals Acquires Ex-North America Rights to Trofinetide, Global Rights to NNZ-2591; Shares Rise After Hours
2023-07-13 05:26:11 PM ET (MT Newswires)


05:26 PM EDT, 07/13/2023 (MT Newswires) -- ACADIA Pharmaceuticals (ACAD) said Thursday it expanded its current licensing agreement for trofinetide, a treatment for Rett syndrome, with Neuren Pharmaceuticals to acquire ex-North American rights to the drug.

The agreement also gives Acadia global rights to Neuren's NNZ-2591 in Rett syndrome and Fragile X syndrome.

Under the agreement, Neuren will receive an upfront payment of $100 million and may receive potential downstream milestone and royalty payments earned separately for trofinetide and NNZ-2591.

Outside of North America, Neuren may receive additional payments for trofinetide upon the achievement of certain revenue milestones and it will also get tiered royalties from the mid-teens to low-twenties percent of trofinetide sales.

Potential future payments to Neuren related to NNZ-2591 in Rett syndrome and Fragile X syndrome are equal to the payments for trofinetide in each of North America and outside North America, Acadia said.

Acadia said it plans to submit a new drug submission for trofinetide in Canada in the next 18 months. It will announce plans for Europe, Asia and other regions at a later date.

Shares of Acadia climbed 17% in after-hours trading Thursday.

Price: 30.25, Change: +4.45, Percent Change: +17.25