Share Price, page-2483

I personally would prefer ROW rights not to go to Acadia. I’d prefer a highly committed, raring to go pharma/s with appropriate regulatory experience and sales force in the relevant ROW markets.

For other pharmas, free access to the full regulatory data package for trofinetide in Rett has substantial value. They are unlikely to attribute any value to indications outside of Rett, nor do I think there would be interest from other pharmas in taking on development of trofinetide in Fragile X exclusively for ex-US markets. Not a big enough carrot and too fraught with potential complications.

For its part, Acadia is unlikely to want to pay what another pharma/s might be willing to pay for trofinetide in Rett as it already has and has paid for all of the data! Acadia is also unlikely to want to attribute any value to ROW in Fragile X. And with no regulatory experience and sales force in Europe or Asia, Acadia would likely sublicense its ROW rights which would just add further to delays.

Of course, if Neuren’s main goal is to position itself as an attractive takeover target for Acadia, licensing ROW rights to Acadia might make sense. My concern is that this could come at a cost, not only of a less lucrative ROW deal now but also a less lucrative outcome in the event of future acquisition.

That said, I appreciate that many others here don’t share my view.

Ultimately, we shareholders are going to have to trust Management to navigate the best path as I’m sure there will be may factors that come into play here to which we are not privy.