: Acadia Pharmaceuticals stock rockets 30% following expanded drug rights

Acadia Pharmaceuticals Inc. ACAD shares rallied in the extended session Thursday after the drug maker said it expanded its rights to a treatment for a rare neurological disorder. Acadia shares rallied as much as 30% after hours, following a 0.2% decline to close the regular session at $25.80. The company said it expanded its current licensing agreement with Neuren Pharmaceuticals to acquire ex-North American rights to trofinetide, which it markets under the brand Daybue, and global rights to Neuren’s new drug candidate for Rett syndrome and Fragile X syndrome. Acadia said it paid $100 million up front to Neuren, and may pay out milestone payments depending the development of Neuren’s drug candidate NNZ-2591.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.