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Article: Acadia Climbs 150% on $395M Pimavanserin Deal with Biovail.
- Article from:
- BIOWORLD Today
- Article date:
- May 5, 2009
- Author:
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Trista Morrison, Staff Writer
Acadia Pharmaceuticals Inc. surprised investors Monday morning by unveiling a potential $395 million partnership on lead drug pimavanserin with Biovail Corp.
Analysts had predicted such a deal wouldn't close until after the drug proves its worth in two ongoing Phase III trials for Parkinson's disease psychosis. Some also had doubted Acadia's ability to land a lucrative deal due to mixed Phase II results and a limited market opportunity.
Yet Piper Jaffray and Co. analyst Edward Tenthoff acknowledged in a research note that the terms in the surprise partnership were "favorable" to Acadia. Investors seemed to ...