Why Are Acadia Pharmaceuticals Shares Trading Higher Today?
Portfolio Pulse from Vandana Singh
Acadia Pharmaceuticals Inc (NASDAQ:ACAD) shares are trading higher after the company expanded its licensing agreement for trofinetide with Neuren Pharmaceuticals. The agreement gives Acadia exclusive worldwide rights to NNZ-2591 in both Rett syndrome and Fragile X syndrome. Acadia plans to submit a New Drug Submission for trofinetide in Canada in the next 18 months. Neuren will receive an upfront payment of $100 million and is eligible for additional potential downstream milestone and royalty payments.
July 14, 2023 | 1:44 pm
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Acadia Pharmaceuticals expanded its licensing agreement for trofinetide, boosting its shares. The company also plans to submit a New Drug Submission for trofinetide in Canada in the next 18 months.
The expansion of the licensing agreement for trofinetide and the plan to submit a New Drug Submission in Canada are positive developments for Acadia Pharmaceuticals. This could potentially increase the company's revenue and market share, which is likely to have a positive impact on its stock price.
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