AstraZeneca makes $200 million drug development payment to Targacept
Targacept
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WINSTON-SALEM, N.C. – Having received regulatory approval for their drug development collaboration, AstraZeneca (NYSE: AZN) has made a $200 million upfront payment to Targacept (Nasdaq: TRGT).
The latest agreement between the two firms covers development of compound TC-5214 that targets major depressive disorder, The companies plan to launch a Phase III clinical trial later this year and are hoping to win approval for the drug in 2012.
The Phase III trial will focus on use of TC-5214 as an adjunct treatment. A Phase II trial is also planned for use of it as a single treatment.
The lucrative deal could be worth over $1 billion for Targacept, which is partnered with AstraZeneca on three other deals as well as several other larger firms such as GlaxoSmithKline in development of drugs.
Targacept licensed TC-5214 from the University of South Florida, which will receive a portion of the AstraZeneca payments.
Major depressive disorder affects more than 42 million people worldwide.
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