Neuren has responded to activist short-seller Culper's report on its partner Acadia Pharmaceuticals and claims made in relation to the performance of its Rett syndrome treatment Daybue (trofinetide).
Shares in Neuren are down 12 per cent to $20.21 at 1:38pm AEDT after its trading pause was lifted.
Culper Research implied a risk to Neuren's royalties due from Acadia, who holds the worldwide exclusive licence for the treatment. Daybue was launched by Acadia in the US in mid-April 2023, which Culper says "has been a total flop". "Despite an initial outburst of interest in the drug, our research reveals that patients, caregivers, physicians, and insurers have all soured on the drug," Culper's report said.
In response, Neuren said "there are numerous analyst research reports published on Acadia and on Neuren, many incorporating surveys of US physicians, that present a different view to Culper".
In January, Acadia reiterated guidance for fourth quarter sales of Daybue of $US80m to $US87.5m with the final results due on February 27. Acadia also reported 76 per cent patients remaining on therapy after six months based on confirmed discontinuations, or 68 per cent based on confirmed discontinuations and patients who were 60 days past their scheduled refill. Neuren also noted Acadia's after-hours share price of 1 per cent overnight – after Culper's report was published
