ACADIA Pharmaceuticals Inc.(Exact name of small business issuer as specified in its charter)
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)
3911 Sorrento Valley Blvd, San Diego, California 92121
(Address of principal executive offices)
(Registrant's Telephone number)
(Former Name or Former Address, if Changed Since Last Report)
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Item 1.02 Termination of a Material Definitive Agreement.
As previously reported, ACADIA Pharmaceuticals Inc. and Meiji Seika Pharma Co., Ltd. jointly decided to discontinue the development of the compound AM-831 after it did not meet pre-determined criteria for further development in Phase I testing. On July 18, 2012, the related Collaboration and License Agreement entered into by the parties on March 24, 2009 (the "Agreement") was terminated according to its terms. Pursuant to the Agreement, ACADIA had received non-refundable license fees of $3 million and was eligible to receive future milestone and royalty payments and Meiji Seika Pharma was responsible for all development expenses of the collaboration through termination.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ACADIA Pharmaceuticals Inc.
Date: July 20, 2012
||/s/ Glenn F. Baity
|Name: Glenn F. Baity
|Title: Vice President, General Counsel & Secretary