Acadia sells fast-track drug review voucher for $150M

Acadia Pharmaceuticals has signed an agreement to sell a priority review voucher to an undisclosed buyer for $150 million. This amount is among the highest for these valuable vouchers, which expedite the Food and Drug Administration (FDA) reviews of new medications. Acadia earned the voucher in March 2023 when the FDA approved its drug, Daybue, which treats a rare pediatric condition. From this transaction, Acadia will net $100 million after sharing part of the proceeds with Neuren Pharmaceuticals, as disclosed by the company on Tuesday. Acadia had initially licensed Daybue from Neuren in 2018.

In recent years, the prices of these vouchers have typically ranged between $100 million and $110 million, with transactions involving companies such as Bluebird bio, Novo Nordisk, and Sarepta Therapeutics. Noteworthy sales this year include a $103 million transaction by Valneva in February, $105 million by X4 Pharmaceuticals in May, $108 million by Day One Biopharmaceuticals in May, and a $158 million sale by Ipsen in August.

Gregory Renza, an analyst at RBC Capital Markets, commented that this sale is a significant incremental gain for Acadia. He highlighted that Acadia's strategy of holding out for a higher offer paid off, as the scarcity of these vouchers is becoming more valued in the market. Renza also mentioned that the FDA's planned phase-out of the rare pediatric disease voucher program is likely contributing to the increased value of these vouchers.

Acadia plans to use the proceeds from the sale to bolster its commercial operations, drive future business development, and finance research in rare diseases and central nervous system disorders. Besides Daybue, Acadia markets a drug named Nuplazid, which is used to treat hallucinations and delusions in patients with Parkinson's disease psychosis.

Daybue targets Rett syndrome, a rare neurological disorder that typically affects infants between six and 18 months of age, leading to a regression in their development. During the second quarter, Daybue generated $85 million in sales.