Although potentially complex from the corporate perspective, a...

Although potentially complex from the corporate perspective, a simultaneous acquisition of both Acadia and Neuren is certainly a possibility. It would obviously need any acquirer to come to an agreement with the boards of both companies and then shareholders would need to accept, but it is possible.

However, there are also certain advantages to shareholders of a merged Acadia/Neuren entity rather than both being acquired now. Principally, the merged entity could leverage Acadia's experience and capability in running P3 trials to take PMS, PH, and possibly Angelman into P3 with 2591, adding significant valuation to the entity. Similarly, the merged entity could take a selection of the undisclosed indications into P2, again adding significant valuation.

The merged entity would then be set up to either:

1. Be acquired unencumbered by BP for some seriously big money, or
2. Become a leading neuro drug house in its own right.

Either of these options would be good ones for shareholders. The main question at hand then would be what slice of the merged entity do shareholders from each company get? Neuren is working hard on its P2 trials and undisclosed indications to maximise its current valuation for any such determination.