Biotech and Pharma

Acadia Pharmaceuticals tanks on CEO retirement

Acadia Pharmaceuticals CEO Uli Hacksell speaks at the Jefferies 2013 Global Healthcare Conference in New York, June 5, 2013.
Victor J. Blue | Bloomberg | Getty Images

Acadia Pharmaceuticals fell more than 22 percent in after-hours trading Wednesday on news that its CEO is retiring.

The bio-pharmaceutical company announced Wednesday afternoon that Uli Hacksell retired as both its CEO and a member of its board of directors, effective immediately. Chief Financial Officer Steve Davis would take over as interim CEO, the company said.

Separately, Acadia announced Wednesday that it would change the timing of its planned New Drug Application (NDA) submission for Nuplazid to the second half of the year. The company had originally planned to submit the application in the first quarter.

Acadia said it planned to hold a 5 p.m. ET conference call on Wednesday "to discuss its planned NDA submission and the management change."

Tirrell tweet.

Nuplazid is a drug potentially positioned "to be the only drug approved in the United States for psychosis associated with Parkinson's disease," according to Acadia's website.

Including Wednesday's after-hours trade, Acadia stock is up about 2,000 percent over past three years.

—Reuters contributed to this report.