Baker Brothers Advisors owns about 25.8 million shares or 21% of the company. Additionally, Fidelity owns 18.1 million shares or 15% of the company. There are currently 94 million shares in the float, and nearly 37% of those are tied up between those two holders.
Baker Brothers' stake goes beyond owning shares. Dr. Stephen Biggar is the chairman of ACAD's board and a partner at Baker Brothers. Meanwhile, Julian Baker—a managing partner at Baker Brothers—is also on the ACAD board of directors. There are reports that many of the board members have had relationships with Baker Brothers in the past. In March 2016, there was a board and management turnover, and as a result, the firm began asserting influence over the new team. The turnover occurred after the previous CEO resigned due to delays in filings needed to get Nuplazid in front of the FDA. There are currently only seven members on the board.
Stephen Davis is the chief executive officer of ACAD and is on board. He was an executive vice president and COO at Heron Therapeutics (HRTX). SEC filings show the Baker Brothers own about a 10% stake in Heron Therapeutics. He was also the CEO of Neurogen, while Julian Baker was on the Board of Neurogen, at the time. Jim Daly is on the board and had been an Executive Vice President and Chief Commercial Officer at Incyte Corp. (INCY). Bakers owns about 12.2% of INCY. Edmund Harrigan has roots back to Neurogen as well, when Stephen Davis was CEO and Julian Baker was on the board. All this shows the commitment Baker Brothers has made to see through the successful development of Nuplazid.