Neuren Pharmaceuticals (ASX:NEU) has received a $40M milestone payment after the first commercial sale of its DAYBUE (trofinetide) drug by partner company Acadia Pharmaceuticals.
The company says DAYBUE is the first and only FDA-approved treatment for Rett syndrome.
It also has an exclusive license agreement with Acadia to develop and commercialise trofinetide in North America and is eligible for ongoing royalties on net sales of the drug in the region.
Neuren Pharmaceuticals' share price is up 79% the past six months.