Acadia Pharmaceuticals Inc. (ACAD)

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ACADIA Pharmaceuticals Announces Extension of Drug Discovery Collaboration with Allergan, Inc.

Press Release Source: ACADIA Pharmaceuticals Inc. On Friday April 1, 2011, 9:00 am EDT

SAN DIEGO--(BUSINESS WIRE)-- ACADIA Pharmaceuticals Inc. (Nasdaq:ACAD - News), a biopharmaceutical company utilizing innovative technology to fuel drug discovery and clinical development of novel treatments for central nervous system disorders, today announced that it has extended its drug discovery and development collaboration with Allergan, Inc. (NYSE:AGN - News). The collaboration is focused on the discovery of innovative new therapeutics for glaucoma and other ophthalmic indications and was originally established in March 2003. The research term of this collaboration has now been extended by the parties for an additional year through March 2012. ACADIA also has two other collaboration agreements with Allergan, which have led to current clinical programs in the areas of chronic pain and glaucoma.

“We are delighted to extend our longstanding scientific collaboration with Allergan, an acknowledged leader in the field of eye care,” said Uli Hacksell, Ph.D., Chief Executive Officer of ACADIA. “This productive alliance has led to several interesting discoveries, which we hope to be able to translate into potential new therapies for glaucoma and related ophthalmic conditions.”

During the extended term of the collaboration agreement, the parties will jointly pursue research in the area of eye care. Allergan is entitled to exclusively license specified chemistry and related assets for development and commercialization. ACADIA will receive research funding and is eligible to receive license fees and milestone payments upon the successful achievement of agreed-upon clinical and regulatory objectives as well as royalties on future product sales, if any, worldwide.