On February 29, 2012, ACADIA Pharmaceuticals Inc. and Allergan Sales, LLC entered into an amendment to extend the research term of the parties' March 27, 2003 collaboration (the "Amendment"). The 2003 collaboration originally provided for a three-year research term and provided for payments consisting of an upfront fee and research funding and related fees during the original research term, which ended on March 27, 2006. The parties previously had extended the research term through March 27, 2012. The Amendment extends the research term for one additional year, through March 27, 2013. During the extended research term of the Amendment, the parties will focus joint research efforts on discovery activities in ophthalmic indications. ACADIA will receive research funding during the extended research term of the Amendment. Pursuant to the Amendment, during the extended research term, Allergan could exclusively license specified chemistries and related assets for development and commercialization. If ACADIA grants Allergan such an exclusive license, ACADIA would be eligible to receive license fees and milestone payments upon the successful achievement of agreed upon clinical and regulatory objectives in addition to royalties on future product sales, if any.