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Acadia Pharma extends eye drug deal with Allergan

Fri, 04/01/2011 - 10:17am
The Associated Press

Acadia Pharmaceuticals Inc. said Friday it has extended its eye drug partnership with Allergan Inc. for an additional year, through March 2012.

The San Diego company said it has been working with Allergan since March 2003 to study treatments for glaucoma and other eye disorders. Irvine, Calif.-based Allergan pays for research funding and can license the drugs for sale. Acadia is eligible to receive license fees and milestone payments, as well as royalty sales on any approved products. The companies have two other collaborations on chronic pain and glaucoma.

Shares of Acadia climbed 12 cents, or 7.4 percent, to $1.74 in midday trading. Shares of Allergan rose $1.19 to $72.21.

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