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Highlights
- Neuren Pharmaceuticals' stock rises 6%, marking its biggest intraday gain since September 27.
- The company will receive one-third of the $150 million from the sale of a U.S. FDA pediatric disease priority review voucher (PRV).
- Despite the surge, Neuren’s shares are still down 48% year-to-date.
Shares of Neuren Pharmaceuticals (ASX:NEU) rose as much as 6% to AU$13.00 today, marking the company’s largest intraday gain since September 27. This uptick comes as Neuren announced that its U.S. partner, ACADIA Pharmaceuticals (ACAD.O), will sell a rare pediatric disease priority review voucher (PRV) to the tune of $150 million.
The PRV was granted by the U.S. FDA following the approval of DAYBUE, a drug developed by Neuren to treat Rett syndrome, a rare genetic neurological disorder. The voucher, typically awarded for pediatric disease treatments, can be sold to another company and used to expedite the FDA review process for a different drug. Neuren will receive one-third of the proceeds from the sale of the voucher, which adds a substantial boost to its finances.
Despite today’s positive movement, Neuren Pharmaceuticals is still down 48% year-to-date, even after factoring in today’s gains. The company continues to face challenges, but the PRV sale marks a significant development in its business strategy.
Neuren’s stock is currently the top gainer in the ASX200 benchmark index (.AXJO), and the company’s future growth will likely depend on the continued success of its therapies for neurodevelopmental disorders like Rett syndrome.
