Ann: Becoming a substantial holder, page-16

Milford continued buying over last few days, yesterday paid average of $3.88.
It's logic for Acadia to acquire Neu at at least $645m (equals the milestone payments). If successful, which is unlikely, but for them, they will not only save the milestone payments and royalty on revenue, but also get full right outside North American market, and other assets, imo.
Current market cap is $496m, so it's logic for Fund to buy aggressively on market, imo.

Acadia Pharmaceuticals (NASDAQ: ACAD) is conducting and funding the trials, but Neuren is eligible to receive milestone payments of up to US$455 million (AU$645 million). Neuren is also eligible for royalties on trofinetide sales if the drug is approved by the FDA.

Karst Peak Capital biotech analyst Hashan De Silva said: “We believe that Neuren’s shares are significantly undervalued at these levels, with the upside largely de-risked following the phase three results of trofinetide. Acadia forecasts peak sales of $US500 million for the Rett indication alone and only in the US market.
“Assuming a 12 per cent royalty, Neuren would receive [around] $85 million in royalties from Acadia which have a 100 per cent EBIT margin. This income stream alone should be worth over $1 billion using a modest multiple.”