The research term of this collaboration has now been extended by the parties for an additional year through March 2013. ACADIA also has two other collaboration agreements with Allergan, which have led to clinical programs in the areas of chronic pain and glaucoma.
"We are pleased to extend our longstanding drug discovery collaboration with Allergan," said Uli Hacksell, Ph.D., Chief Executive Officer of ACADIA. "This productive alliance has continued to lead to interesting discoveries, which we hope to be able to translate into potential new therapies for glaucoma and related ophthalmic conditions."
During the extended term of the collaboration agreement, the parties will jointly pursue research in the area of ophthalmology. Allergan is entitled to exclusively license specified chemistry and related assets for development and commercialization. ACADIA will receive research funding and is eligible to receive license fees and milestone payments upon the successful achievement of agreed-upon clinical and regulatory objectives as well as royalties on future product sales, if any, worldwide.