There is also a good chance that ACAD may not be able to fix the manufacturing problem by itself. They already spent 6 months on it. They can only give a very broad timeline (2H of 2015), which means they are not sure how long it takes for them to solve the problem. I have seen many of cases that took years to be fixed as a process engineer in chemistry.
they don't have the experience and capability in manufacturing/commercializing a drug, but they thought they do, leading by Uli. So they refused all M&A opportunities in order to maximize their interest. I believe finally they have decided to explore some M&A options while keep moving forward for NDA. Uli, the major hurdle for M&A, was removed today.
Even though Acad reiterated several times in today's CC that there is no problem with the drug regarding its performance, but investors' confidence has been hurt badly. I will not be surprised to see the stock price goes down to low 20s or even teens before touching the bottom.