Why Acadia Pharmaceuticals Stock Is Soaring Today
Shares of Acadia Pharmaceuticals (NASDAQ: ACAD) were soaring 18.3% higher as of 11:03 a.m. ET on Friday. The big jump came after the drugmaker announced on Thursday that it has acquired expanded rights to two drugs.
Acadia signed an agreement with Neuren Pharmaceuticals to pick up rights to trofinetide outside of North America. It launched the drug under the brand name Daybue in the U.S. earlier this year as a treatment for Rett syndrome, a rare genetic neurological disorder.
The company also acquired global rights for Neuren's NNZ-2591. This experimental drug is being evaluated in clinical trials targeting Rett syndrome and Fragile X syndrome, another rare genetic disorder.
Source Fool.com
