I think we just didnt offer anything really attractive for a big pharma.
We have only sold off Trof in the US market, NEU has retained the lions share of the upside of any positive trial results. If you look at it from an incoming partner POV, NEU still has 2591 which is a huge ongoing risk and severely limits the benefit of owning Trof. Any new indications for Trof will likely be heavily weighted towards ACADIA taking on the development risk with NEU still commanding royalties on anything that goes to market in the US + ROW market.
If you value the ROW equal to the US market we have basically sold off 40% of Trof in return for the majority of the current and future development costs being paid for by ACADIA.
No big pharma is going into a 60/40 split (+milestones) + take on majority of development costs for a drug that has already been superseded.
I think we won on this deal, but I am obviously alone in that opinion.
I think we just didnt offer anything really attractive for a big...
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