AstraZeneca Links Up With Targacept In $1.2B Deal

Law360, New York (December 3, 2009, 2:42 PM EST) -- U.K. drugmaker AstraZeneca PLC has entered into an agreement worth up to $1.24 billion to join efforts with U.S. biotech firm Targacept Inc. in developing an experimental drug to treat depression.

Under the collaboration and license deal announced Thursday, AstraZeneca will make an up-front payment of $200 million upon effectiveness of TC-5214, Targacept’s late-stage investigational drug for major depressive disorder.

Winston-Salem, N.C.-based Targacept will collect an additional $540 million if certain development, regulatory and initial commercial sale targets are met. The biotech firm also stands to...
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