Axsome rises as it buys rights to experimental schizophrenia drug

Shares of drugmaker Axsome Therapeutics AXSM.O rise 1.5% to $171.48

Co says it acquired global rights to balipodect, an experimental oral drug for schizophrenia and Tourette syndrome, from Japan’s Takeda

Balipodect targets a specific brain enzyme and was previously known as TAK‑063; it has been tested in a mid‑stage schizophrenia study in 164 patients - AXSM

Co says the drug showed a favorable safety profile in more than 360 people across studies

Axsome plans to start preparations for a late‑stage schizophrenia trial later this year - AXSM

Takeda will receive an upfront payment, potential development and sales milestones and royalties on future sales - AXSM

As of last close, AXSM down ~7% YTD