Breaking News From Pharma & Bio Ingredients Subscribe via RSS Subscribe via RSS



Targacept Gets $20 Million Payment from AstraZeneca


Posted on 2006-12-27 10:38:00



Biotech drug developer Targacept Inc. said Wednesday that it will get a $20 million milestone payment from British drugmaker AstraZeneca PLC with the continued development of an Alzheimer's disease treatment.

The agreement covers the development of drug candidate AZD3480 to treat Alzheimer's and cognitive deficits caused by schizophrenia. The milestone payment was triggered when AstraZeneca decided to continue developing the drug.

Targacept originally received an upfront payment of $10 million from AstraZeneca, and stands to receive up to $249 million in payment under the agreement, along with double-digit royalties.

The company also expects a total of about $26.4 million in development funding from AstraZeneca over four years.


NEWS ARCHIVES

2008

2007

2006

2005

2004

NEWSLETTER SIGNUP