For Neurocrine Biosciences, the $5M milestone payment to Voyager Therapeutics represents an investment in the continued development of their joint program on Friedreich's Ataxia. While this is a positive step forward in the program, the financial outlay may have a neutral short-term impact on Neurocrine's stock price. The potential for future payments indicates ongoing commitment but also suggests additional expenses. The overall impact is balanced by the progress in the program against the immediate financial expenditure.

The announcement of a $5M milestone payment to Voyager Therapeutics signifies a positive development in its collaboration with Neurocrine Biosciences. This financial inflow not only boosts Voyager's financial position but also validates the progress of their joint program on Friedreich's Ataxia. The potential for additional future payments based on the program's advancement further underscores the significance of this collaboration for Voyager, likely leading to a positive short-term impact on its stock price.