With all the talk of takeovers, and in particular by Acadia, I decided to read in detail the last Annual Report to see if Acadia still held their original strategic investment in Neuren from 2018. I was surprised to see that they sold out. See excerpt from Annual Report below. Given that they may have been privy to the NNZ2591 indication and potential, I'm wondering what other holders think of Acadia selling out when they did and if you still consider them being a potential suitor? I do acknowledge that their strategic holding was only @ 1.1% in 2018.
In May 2018, the Company signed an Exclusivity Deed (the Deed) with Neuren that provided for exclusive negotiations for a period of three months from the date of the Deed. Under the terms of the Deed, the Company invested $3.1 million to subscribe for 1,330,000 shares of Neuren and paid $0.9 million for the exclusive right to negotiate a deal with Neuren, which was recorded in selling, general and administrative expenses in the consolidated statements of operations in the second quarter of 2018. In 2023, the Company sold the 1,330,000 shares of Neuren for total proceeds of $12.3 million. Net gain on the strategic investments recognized in other income in the consolidated statements of operations for the year ended December 31, 2023, 2022 and 2021 was $5.1 million, $3.5 million and $2.3 million, respectively.
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