Neuren shares rebound after selloff
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The news: Shares in Neuren Pharmaceuticals rallied in morning trade, after ending Wednesday's session as the worst performing ASX 200 company.
The numbers: Neuren shares were up 8.2% to $11.91 by midday AEDT, reversing nearly all of Wednesday's 8.3% selloff.
The context: The biopharmaceutical company saw its share price tumble on Wednesday after its US partner Acadia Pharmaceuticals applied for approval to market its Rett syndrome treatment, trofinetide, in the European Union.
Under its licence agreement with Acadia, Neuren is eligible for milestone and royalty payments on EU sales of trofinetide. The treatment would be the bloc's first and only approved therapy for Rett syndrome, a rare genetic neurodevelopmental disorder that affects brain development.
