I am also just interested in the fact that our share price re-rating too quickly would make it more difficult for ACAD to do a scrip heavy deal to acquire us. To be clear I am just mentioning it as a point of conversation.
ACAD are down 47% YTD which is the same as NEU. Over the last 6 months we down -37% compared to a positive +7.75% return for Acadia.
If this is all about Daybue, this price action is illogical. We got upfront terms and milestone payments and the sales impact affects ACAD far more than it does us. At the current sales levels we are cash flow positive on royalties alone and we have a mountain of cash anyway.
It is pretty impressive that ACAD has kept the same premium over NEU that they had at the start of the year despite them failing a Phase 3 trial and us getting 3 successful Phase 2 results.
Imagine if we announced a failed Phase 3 trial to the market this year? How much would our share price get punished?
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