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Biotech / Medical : ACADIA Pharmaceuticals Inc (ACAD)
ACAD 25.04+0.9%Nov 28 9:30 AM EST
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From: scaram(o)uche3/6/2006 5:18:23 PM
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Item 1.01. Entry into a Material Definitive Agreement

On February 28, 2006, ACADIA Pharmaceuticals Inc. and Allergan Sales LLC entered into an amendment to extend the research term of the parties' March 27, 2003 collaboration (the "Amendment"). The 2003 collaboration originally provided for a three-year research term and provided for payments consisting of an upfront fee and research funding and related fees during the original research term, which will end on March 27, 2006. The Amendment extends the research term for two years through March 27, 2008. During the extended research term, the parties will focus joint research efforts in the area of pain, which will continue to support the parties' existing alpha adrenergic program. In addition, the parties may elect to pursue additional discovery activities in ophthalmic or other indications. ACADIA will receive additional research funding during the extended research term. Pursuant to the Amendment, during the extended research term, Allergan could exclusively license chemistry and related assets for up to three drug targets for development and commercialization. If ACADIA grants Allergan such an exclusive license, ACADIA would be eligible to receive license fees and milestone payments upon the successful achievement of agreed upon clinical and regulatory objectives.
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