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Acadia Pharmaceuticals Secures $150M in Priority Review Voucher Sale, Setting High Benchmark

• Acadia Pharmaceuticals has successfully sold its FDA priority review voucher for $150 million, marking one of the highest valuations for such vouchers in recent transactions.

• The voucher, earned through Daybue's approval for Rett syndrome treatment, will net Acadia $100 million after sharing proceeds with development partner Neuren Pharmaceuticals.

• The transaction reflects increasing voucher values amid FDA's planned program sunset, with proceeds earmarked for commercial operations, business development, and rare disease research.

Acadia Pharmaceuticals has reached an agreement to sell its FDA priority review voucher to an undisclosed buyer for $150 million, securing one of the highest prices seen for these regulatory fast-track passes in recent years. The voucher was originally awarded to Acadia in March 2023 following the FDA approval of Daybue for Rett syndrome treatment.
The transaction will yield $100 million for Acadia after sharing proceeds with Neuren Pharmaceuticals, its development partner since 2018. This deal notably exceeds the typical range of $100-110 million observed in recent voucher sales, signaling a potential shift in market dynamics.

Market Context and Industry Trends

The pharmaceutical industry has witnessed several significant voucher transactions in 2023, including Valneva's $103 million sale in February, X4 Pharmaceuticals' $105 million deal in May, and Ipsen's $158 million transaction in August. This upward pricing trend appears driven by the FDA's announced plans to sunset the rare pediatric disease voucher program.
"The move is a nice incremental win," noted RBC Capital Markets analyst Gregory Renza, highlighting how Acadia's strategic patience in securing a premium offer paid off. The increasing scarcity value of these vouchers, particularly with the program's planned discontinuation, has contributed to higher valuations.

Strategic Implementation of Proceeds

Acadia plans to strategically deploy the proceeds across multiple initiatives:
  • Supporting commercial operations
  • Driving future business development
  • Funding research in rare diseases and central nervous system disorders
The company's commercial portfolio includes Daybue for Rett syndrome, which generated $85 million in second-quarter sales, and Nuplazid for Parkinson's disease psychosis-related hallucinations and delusions.

Rett Syndrome Treatment Landscape

Daybue represents a significant advancement in treating Rett syndrome, a rare neurological disorder affecting infants typically between six and 18 months of age. The condition causes developmental regression and requires specialized therapeutic intervention. The drug's approval marked a crucial milestone in addressing this challenging pediatric condition.
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Reference News

[1]
Acadia sells speedy drug review voucher for $150M | BioPharma Dive
biopharmadive.com · Nov 6, 2024

Acadia Pharmaceuticals sold a priority review voucher for $150 million, sharing proceeds with Neuren Pharmaceuticals. Th...

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