The Acadia Neuren agreement is probably workable if Neuren and Acadia want to cooperate nicely. But if someone buys Neuren and someone else buys Acadia there is no reason to expect the buyer of Acadia to play nicely. There would be nothing stopping them launching preliminary plans on anything Neuren was doing. The mechanisms in the agreement are not straightforward and they require cooperation that is not guaranteed to occur.
Even if Neuren was proven right in the end they could be tied up in legal action for years to prove it, seriously denting any go to market strategy with a new drug indication.
That is why, to be fair to Neuren, fully clearing the path for PM, PH, A, and PW was certainly a smart idea.
A merger between Acadia and Neuren could certainly be a worthwhile option. It would give Neuren a US listing too (tho I'd then have to pay CGT).
I suspect this is one of the reasons Acadia has NNZ-2591 on ice, as Hottod has suggested, as it gives them more leverage in any negotiations.
Certainly with Acadia's share price at new lows the timing could be good for Neuren on a merger.
I'd suggest Acadia buying Neuren outright seems unlikely (they don't have the money).
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