Agreement includes license to Targacept's TC-1734 and research collaboration
to discover novel compounds for the treatment of Alzheimer's disease,
cognitive deficits in schizophrenia and other cognitive disorders
WINSTON-SALEM, N.C., and LONDON, Dec. 28 /PRNewswire/ -- Targacept, Inc.
and AstraZeneca PLC (NYSE: AZN) today announced that they have entered into an
exclusive global license and research collaboration agreement for the
development and commercialization of Targacept's proprietary compound TC-1734
to treat Alzheimer's disease, cognitive deficits in schizophrenia and other
cognitive disorders. TC-1734 is designed to act selectively on neuronal
nicotinic receptors (NNRs), a class of receptors that serve as key regulators
of central nervous system activity. The agreement, which is subject to the
expiration or termination of the HSR (Hart Scott Rodino) clearance period in
the US, also provides for a four-year research collaboration under which
Targacept will utilize its proprietary drug discovery technology known as
Pentad to discover additional compounds.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010517/CHTH002LOGO)
Upon effectiveness of the agreement, Targacept will receive an initial
payment of $10 million from AstraZeneca, the parties will begin the research
collaboration and AstraZeneca will initiate additional safety and product
characterization studies of TC-1734. A determination by AstraZeneca to
conduct Phase II clinical development of TC-1734 following completion of the
safety and product characterization studies would trigger an additional
milestone payment of $20 million to Targacept, in addition to approximately
$26 million in funding over the research term. Taking into account the
upfront payment, research funding, and further payments contingent on
achievement of development regulatory and first commercial sale milestones for
TC-1734, Targacept is eligible to receive up to approximately $300 million in
payments, together with stepped double digit royalties dependent on sales
achieved following regulatory approval.
While the parties will collaborate to identify novel candidate drugs,
AstraZeneca will be primarily responsible for and will fund the development
and commercialization of TC-1734 and any compounds that arise out of the four-
year research collaboration. If compounds that are discovered in the research
collaboration enter into development, Targacept would be eligible to receive
additional milestone payments along with royalties on any product sales.
Targacept has retained an option to co-promote TC-1734 and any compounds
discovered in the research collaboration in the United States.
Targacept is currently conducting a Phase II clinical trial of TC-1734 as
a treatment for age associated memory impairment (AAMI) and is responsible for
completing this trial independently.
Independent of the research collaboration, the agreement provides for a
mechanism by which Targacept can offer to AstraZeneca compounds that act on
different NNR subtypes than TC-1734 for development and commercialization for
the treatment of Alzheimer's disease, cognitive deficits in schizophrenia,
other cognitive disorders or schizophrenia.
"AstraZeneca is committed to developing innovative therapies in the areas
of unmet need of Alzheimer's disease, schizophrenia and other cognitive
disorders, and NNR-targeted therapeutics are an exciting area for us. We
believe that Targacept's longstanding leadership position in NNR research will
build upon our existing strengths and open up new opportunities for
AstraZeneca," said Bob Holland, Vice President and Head of the Neuroscience
Therapy Area, AstraZeneca.
"We are delighted to have AstraZeneca as our discovery and development
collaborator for our TC-1734 program and drug discovery efforts in cognitive
disorders," said J. Donald deBethizy, Ph.D., President and Chief Executive
Officer of Targacept. "AstraZeneca has a demonstrated expertise in developing
and commercializing treatments for central nervous system diseases, and we
look forward to working closely with our AstraZeneca colleagues to advance TC-
1734 and this important research."
Alzheimer's disease represents an area of great medical need in the
developed and developing world, causing great distress to patients and their
caregivers and imposing a major financial burden. Current treatments have
limited efficacy and significant side effects in many patients.
About Targacept
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. NNRs are found on nerve cells throughout the
nervous system and serve as key regulators of nervous system activity.
Targacept's product candidates are designed to selectively target specific NNR
subtypes to promote therapeutic effects and limit adverse side effects.
Targacept has a marketed product, Inversine(R) (mecamylamine hydrochloride),
product candidates in clinical development for cognitive impairment, including
Alzheimer's disease and age associated memory impairment, pain and depression,
and multiple ongoing preclinical programs.
About AstraZeneca
AstraZeneca is a major international healthcare business engaged in the
research, development, manufacture and marketing of prescription
pharmaceuticals and the supply of healthcare services. It is one of the
world's leading pharmaceutical companies with healthcare sales of over $21.4
billion and leading positions in sales of gastrointestinal, cardiovascular,
respiratory, oncology and neuroscience products. AstraZeneca is listed in the
Dow Jones Sustainability Index (Global) as well as the FTSE4Good Index.
In Neuroscience, AstraZeneca is dedicated to providing medicines that have
the potential to change patients' lives. The company already markets several
products including SEROQUEL and ZOMIG. The AstraZeneca neuroscience pipeline
includes leading approaches for the treatment of depression and anxiety,
overactive bladder, dementia, stroke, pain control and anaesthesia.
SOURCE Targacept, Inc.
 back to top
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20010517/CHTH002LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
Related links:
http://www.targacept.com
CONTACT:
J. Donald deBethizy, Ph.D., President and CEO
of Targacept, Inc., +1-336-480-2120, or
don.debethizy@targacept.com ; or Michelle Linn of Linnden
Communications, +1-508-419-1555, or linnmich@comcast.net ; or
Media Enquiries, Edel McCaffrey, +44 (0) 207 304 5034, or Steve
Brown, +44 (0) 207 304 5033, or Investor Enquiries, Mina Blair,
+44 (0) 207 304 5084, or Jonathan Hunt, +44 (0) 207 304 5087, or
US Investor Enquiries, Ed Seage, +1-302-886-4065, or Jorgen
Winroth, +1-212-579-0506, all of AstraZeneca
|
