Acadia Pharmaceuticals Inc.’s bigger-than-expected public offering grossed about $182 million that will fund ongoing efforts to expand the indications for pimavanserin, due to become the subject of a new drug application (NDA) in Parkinson’s disease psychosis (PDP) before the year is done.
The whopper Acadia deal reflects a hardy financing market that has benefitted plenty of biotechs lately. “I don’t think anybody can predict how long it’s going to last, hopefully at least a few [more] months,” said Michael Brinkman, managing director at Jefferies and Co.
“I certainly couldn’t say it’s going to last a year,” Brinkman told BioWorld Today. “The lesson for the industry is to take advantage of money flowing into the sector. It can dry up anytime.” Jefferies LLC served as joint bookrunning manager for the offering, along with J.P. Morgan Securities LLC.
The day after disclosing a plan to