Neuren Pharmaceuticals (ASX:NEU) revealed that its partner, Acadia Pharmaceuticals (NASDAQ:ACAD), has agreed to sell a rare pediatric disease priority review voucher for a substantial US$150 million ($226 million).
The transaction is contingent on meeting customary closing conditions, including the expiration of the applicable waiting period under the Hart-Scott Rodino Antitrust Improvements Act.
The PRV was granted by the US Food and Drug Administration following the approval of DAYBUETM (trofinetide) for treating Rett syndrome in both pediatric and adult patients.
Neuren is entitled to receive one-third of the net proceeds from the sale, with associated costs expected to be minimal. Neuren specialises in developing drug therapies for severe neurological disorders manifesting in early childhood.
The initiatives are driven by "orphan drug" designations, which facilitate development in the US "Neuren is pleased to benefit from the sale proceeds under our license agreement with Acadia," stated Jon Pilcher, CEO of Neuren Pharmaceuticals.
This announcement underscores Neuren’s ongoing commitment to advancing therapies for rare neurological conditions, with developments such as the Phase 2 drug candidate NNZ-2591 for several neurodevelopmental disorders.
Neuren Pharmaceuticals is a biopharmaceutical company developing therapies for neurodevelopmental disorders. The company is developing new drug therapies to treat multiple serious neurological disorders that emerge in early childhood and have no or limited approved treatment options.