Drug Developer Acadia Pharmaceuticals Files for IPO

Acadia Pharmaceuticals Inc., a drug development company, plans to offer the public a 31.6% stake with an initial public stock offering.

The San Diego company filed with the Securities and Exchange Commission to sell 5 million shares for $13 to $15 each.

The amended IPO filing said the company expects to raise $64 million after expenses if the shares sell for $14 apiece. The company could garner an additional $9.8 million if the underwriters exercise their over-allotment option, the filing said. About 15.78 million shares would be outstanding after the offering.

Acadia said it is working with Allergan Inc. on a glaucoma treatment. Allergan, which makes drugs used in eye and skin care, will hold a 6.3% stake in Acadia after the IPO.

Another drug candidate may be developed as a treatment for chronic pain, the filing said. Acadia said it also focuses on schizophrenia and Alzheimer’s disease.

The company reported a net loss of nearly $10.2 million on revenue of $4.3 million last year, compared with a $7.4 million net loss on revenue of $2.2 million the year before.

The IPO funds would go toward research and development, capital expenditures, working capital and general corporate purposes, the filing said.

Robertson, Stephens & Co. would underwrite the stock sale with U.S. Bancorp Piper Jaffray. The company would trade on the Nasdaq Stock Market under the symbol ACAD.