Pipeline-in-a-drug, page-164

Notwithstanding the different views, this whole contract issue has got me thinking about what the future holds, about the pipeline we have, how we maximise value for shareholders and how we get the best outcomes for patients.

NNZ 2591 has blockbuster potential written all over it and not just in one indication but in multiple conditions. While JP has acknowledged that Neuren is exploring up to 10 indications, in addition to PMS, PHS, AMS, PWS, (and possibly benefitting from Retts and FX through Acadia), there is every chance that the reference to "up to 100 conditions" may not prove to be erroneous and there are additional conditions that may come into play at some stage in the future.

Bringing NNZ 2591 to market in the stated conditions, the yet to be revealed conditions and the yet to be explored conditions, will take an enormous effort, truly monumental and it may be so huge that its beyond the capacity of one pharma. It may in fact be faster and more cost effective to have two Pharma companies bring it to market and in doing so, split the indications.

To that end, what are people's thoughts of the following outcome:

1. Neuren merges with Acadia and brings 2591 to the market in North America.
2. Neuren sells the rights to 2591 in the ROW to another BP with exposure and expertise in those jurisdictions.
3. The newly merged North American pharma and the ROW pharma enter into a true JV on equal terms to develop 2591

The parties could split the costs by splitting the indications, each running a trail for a different indication in their respective jurisdiction and then sharing the data with their partner for registration in their jurisdiction. This halves the financial outlay for each pharma and shares the risk. It also speeds up development of the drug and ability to get it to market quickly, as the financial strength of two Pharma's can expedite the development, rather than having one Pharma bear the responsibility solo.

Acadia already has a presence in North America, so it would be an easy solution on that front and both Neuren and Acadia would benefit. Someone like Roche could take the ROW rights and the merged entity and Roche (for example) could work together to rapidly progress 2591 in a wide range of indications.

Beyond that, the merged North American entity, which also owns the rights to Trofinetide globally, could shift focus and possibly develop 2591 in Orphan conditions, while refocussing Trofinetide to focus on non-orphan conditions like Autism, Concussion etc - now that we understand how it works in practice, what the proper dosing levels are etc.

Any thoughts are most welcome.