28th Dec 2005 07:01
AstraZeneca PLC28 December 2005 ASTRAZENECA SIGNS COLLABORATION AGREEMENT WITH TARGACEPT FOR NEW NEURONALNICOTINIC RECEPTOR COMPOUNDS Phase II compound for improving cognitive deficits in Alzheimers Disease andSchizophrenia included in agreement AstraZeneca today announced that it has signed an exclusive global licensing andresearch collaboration agreement with Targacept Inc. for the development andcommercialization of Targacept's phase II compound, TC-1734 to treat Alzheimer'sdisease, cognitive deficits in schizophrenia and other cognitive disorders. Thefour-year research collaboration also allows for the development of othercompounds that act on neuronal nicotinic receptors (NNRs). Under the agreement, which is subject to the expiration or termination of theHSR (Hart Scott Rodino) clearance period in the US, AstraZeneca will obtain theglobal rights for the development and commercialization of TC-1734 and anycompounds that arise out of the research collaboration with the aim ofdeveloping differentiated treatments for treating cognitive decline, an area ofhigh unmet medical need. Upon effectiveness of the agreement, Targacept will receive an initial paymentof $10 million from AstraZeneca. The parties will then begin the researchcollaboration and AstraZeneca will initiate additional safety and productcharacterization studies of TC-1734. Successful completion of these studies anda determination by AstraZeneca to initiate further phase II clinical studies ofTC-1734 would trigger an additional milestone payment of $20 million toTargacept in addition to approximately $26 million in research support paymentsover the four year period. Taking into account the upfront payment, researchfunding, and further payments contingent on achievement of developmentregulatory and first commercial sale milestones for TC-1734, Targacept iseligible to receive approximately $300 million in payments, together withstepped double digit royalties dependent on sales achieved following regulatoryapproval. "AstraZeneca is committed to developing innovative therapies in the areas ofunmet need in Alzheimer's disease, Schizophrenia and other cognitive disorders,and NNR-targeted therapeutics are an exciting area for us. We believe thatTargacept's longstanding leadership position in NNR research will build upon ourexisting strengths and open up new opportunities for AstraZeneca," said BobHolland, Vice President Neuroscience and Head of the Neuroscience Therapy Area,AstraZeneca. "We are delighted to have AstraZeneca as our discovery and developmentcollaborator for our TC-1734 program and drug discovery efforts in cognitivedisorders," said J. Donald deBethizy, Ph.D., President and Chief ExecutiveOfficer of Targacept. "AstraZeneca has a demonstrated expertise in developingand commercializing treatments for central nervous system diseases, and we lookforward to working closely with our AstraZeneca colleagues to advance TC-1734and this important research." Alzheimer's Disease represents an area of huge medical need in the developed anddeveloping world, causing great distress to patients and their carers andimposing a major financial and resource burden upon society. Current treatmentshave limited efficacy and significant side effects in many patients. Cognitive disorders are a core strategic area for AstraZeneca and thiscollaboration underlines the commitment of AstraZeneca in Alzheimer's disease,Schizophrenia and other cognitive disorders. AstraZeneca's SEROQUEL, the highlysuccessful antipsychotic medication indicated for schizophrenia and bipolardisorder, is the fastest growing atypical antipsychotic and number oneprescribed atypical in the United States. About AstraZeneca AstraZeneca is a major international healthcare business engaged in theresearch, development, manufacture and marketing of prescription pharmaceuticalsand the supply of healthcare services. It is one of the world's leadingpharmaceutical companies with healthcare sales of over $21.4 billion and leadingpositions in sales of gastrointestinal, cardiovascular, respiratory, oncologyand neuroscience products. AstraZeneca is listed in the Dow Jones SustainabilityIndex (Global) as well as the FTSE4Good Index. In Neuroscience, AstraZeneca is dedicated to providing medicines that have thepotential to change patients' lives. The company already markets severalproducts including SEROQUEL and ZOMIG. SEROQUEL has been licensed for thetreatment of schizophrenia since 1997 and is available in 85 countries for thetreatment of this condition. SEROQUEL is also licensed in 73 countries for thetreatment of mania associated with bipolar disorder. The Neuroscience pipelineincludes leading approaches for the treatment of depression and anxiety,overactive bladder, dementia, stroke, pain control and anaesthesia. About Targacept Targacept is a biopharmaceutical company engaged in the design, discovery anddevelopment of a new class of drugs to treat multiple diseases and disorders ofthe central nervous system by selectively targeting neuronal nicotinicreceptors, or NNRs. NNRs are found on nerve cells throughout the nervous systemand serve as key regulators of nervous system activity. Targacept's productcandidates are designed to selectively target specific NNR subtypes to promotetherapeutic effects and limit adverse side effects. Targacept has a marketedproduct, Inversine(r) (mecamylamine hydrochloride), product candidates inclinical development for cognitive impairment, including Alzheimer's disease andage associated memory impairment, pain and depression, and multiple ongoingpreclinical programs. -Ends- 28th December, 2005 Media Enquiries: Edel McCaffrey, Tel: +44 (0) 207 304 5034 Steve Brown, Tel: +44 (0) 207 304 5033 Investor Enquiries: Mina Blair, Tel: +44 (0) 207 304 5084 Jonathan Hunt, Tel: +44 (0) 207 304 5087 Ed Seage +1 302 886 4065 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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