Acadia Pharmaceuticals Names New CEO, Shares Surge 10%

On Monday, shares of Acadia Pharmaceuticals Inc. experienced a 2.5% decline following the announcement that Catherine Owen Adams has succeeded Steve Davis as Chief Executive Officer (CEO) and has joined the company’s Board of Directors.

This leadership change represents a significant moment for the biopharmaceutical company, which is approaching $1 billion in sales with a strong pipeline of medicines in development.

Stephen Biggar, Chair of the Board of Directors, expressed confidence in Adams’ capacity to guide Acadia into a new phase of growth, citing her proven track record of fostering growth and innovation in the pharmaceutical sector.

Biggar praised Adams for her strategic vision and expertise, especially regarding enhancing patient outcomes. He also acknowledged the contributions of the outgoing CEO, Steve Davis, for his exemplary leadership and achievements, including the approval and commercialization of NUPLAZID and the development and launch of DAYBUE.

Adams, who expressed her enthusiasm about joining Acadia, brings substantial experience to her new position. Previously, she served as Senior Vice President and General Manager, U.S., at Bristol Myers Squibb, where she managed a $20 billion commercial division and oversaw significant product launches.

Before her tenure at Bristol Myers Squibb, Adams enjoyed a 25-year career at Johnson & Johnson, where she occupied various leadership roles. She began her career in R&D and manufacturing at AstraZeneca.

Adams’ appointment has received positive comments from her predecessor, Steve Davis, who highlighted her commercial and global expertise as well-suited to Acadia’s mission. Davis conveyed his optimism regarding the company’s future and its dedication to patient groups that have previously lacked access to approved medications.

Adams’ extensive experience includes overseeing commercial operations across key markets at Bristol Myers Squibb, where she managed 6,000 employees and successfully launched nine new products across various therapeutic areas.