From the announcement:“Acadia also anticipates initiating...

From the announcement:

“Acadia also anticipates initiating Managed Access Programs in Europe in the second quarter of 2025.”

This prompts the question: will the MAPs be free of charge, or revenue-generating?

A whitepaper from PwC which I came across indicates that while charging for early access is possible in some markets, it may set a benchmark for future reimbursement negotiations in other territories and therefore the long-term pricing strategy should be a consideration.

My interpretation is that there may be some risk in charging a concessional price for the MAPs and therefore it is possible that a free of charge approach may be selected. If so, then what benefits would Acadia derive from it?

Current thoughts are as follows:

* Goodwill within the communities across the selected EU markets - which will be valuable to Acadia (as it is presently US-centric)
* Experience operating within the selected EU markets
* The ability to fine-tune their approach and communications within those markets (eg in relation to managing gastrointestinal issues) ahead of the approval so that optimal outcomes can be achieved

While a free MAP would result in Acadia experiencing additional net cash outflows in the short-term, it would indicate confidence that this will be beneficial in the longer term in view of some of the factors listed above.

From a Neuren perspective, this would not entail any cost (other than perhaps forgoing a small amount of royalties on the MAP) but would give exposure to the long term upside (particularly given the importance of hitting sales milestones).