Acadia Pharmaceuticals Inc. (Nasdaq: ACAD) announced that it entered into a definitive asset purchase agreement to sell its Rare Pediatric Disease Priority Review Voucher (PRV) for $150 million upon the closing of the transaction.

Acadia was granted the PRV in March 2023 following approval by the U.S. Food and Drug Administration (FDA) of DAYBUE™ (trofinetide) for the treatment of Rett syndrome. DAYBUE was initially licensed by Acadia from Neuren Pharmaceuticals Limited in August 2018. Pursuant to the license agreement, Acadia is required to pay Neuren one-third of the net proceeds.

Acadia plans to invest proceeds from the sale of the PRV to support its commercial operations, R&D programs in central nervous system and rare disease, and future business development.

The transaction is subject to customary closing conditions, including expiration of applicable waiting period under the Hart-Scott Rodino (HSR) Antitrust Improvements Act. Jefferies LLC acted as financial advisor to Acadia on this transaction.