Healthcare Industry News: schizophrenia
News Release - February 6, 2006
Targacept Announces Early Completion of Hart-Scott-Rodino Waiting Period for Agreement With AstraZenecaTargacept Receives $10 Million Payment
WINSTON-SALEM, N.C., Feb. 6 (HSMN NewsFeed) -- Targacept, Inc. announced today that it has received notification of early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, applicable to its agreement with AstraZeneca AB, and the agreement has become effective. As previously announced, Targacept and AstraZeneca entered into an exclusive global license and research collaboration agreement in December 2005 for the development and commercialization of Targacept's proprietary compound TC-1734 (AZD3480) to treat Alzheimer's disease, cognitive deficits in schizophrenia and other cognitive disorders. The agreement also provides for a four-year research collaboration under which Targacept will utilize its proprietary drug discovery technology known as Pentad(TM) to discover additional compounds. With effectiveness of the agreement, Targacept has received the $10 million initial payment from AstraZeneca.
Targacept is a biopharmaceutical company engaged in the design, discovery and development of a new class of drugs to treat multiple diseases and disorders of the central nervous system by selectively targeting neuronal nicotinic receptors, or NNRs. Targacept is located in Winston-Salem, North Carolina.
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