GlaxoSmithKline has ceased its support for a drug candidate being developed by Targacept that recently failed in a clinical trial, Targacept disclosed in a regulatory filing with the Securities and Exchange Commission.
The compound TC-2696 was part of a drug development partnership between the two firms.
GSK declined to make a payment due for the drug after the failed clinical trial, Targacept said.
“As a result, under the terms of the agreement, TC-2696 is no longer subject to a contingent future option of GSK and Targacept has full rights to develop TC-2696 independently or with or through third parties,” Targacept said. “Targacept has no current plans for further development of TC-2696.”