Acadia Pharmaceuticals Inc. announced it plans to raise $150 million in a secondary public offering of its common stock, though it didn’t indicate how it might use the proceeds.
Acadia is developing drugs for neurological disorders. Its lead drug, pimavanserin, is in phase 3 trials for treating Parkinson’s disease-related psychosis and phase 2 drug trials for Alzheimer’s disease-related psychosis. It plans to file a New Drug Application for pimavanserin, with the Food and Drug Administration by the end of 2014, Acadia said in a regulatory filing. The company also has clinical-stage programs for chronic pain and glaucoma in collaboration with Allergan Inc.
The announcement was made after the market closed March 3; shares closed that day at $28.19. The company has a market capitalization of $2.6 billion.
Jefferies LLC and J.P. Morgan Securities LLC are the joint book-running managers for the offering, and Cowen and Co. LLC is the lead manager for the offering.