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GSK, Targacept end agreement

Friday, March 4, 2011 02:28 PM

GlaxoSmithKline has terminated a pact with Targacept that was exploring treatments for a variety of conditions, including smoking cessation, obesity and Parkinson’s disease, according to PharmaTimes.

In May, GSK will end the deal, which began in July 2007. It focused on drugs to target specified neuronal nicotinic receptors in five therapeutic areas: pain, smoking cessation, addiction, obesity and Parkinson’s disease. However, in February 2010, GSK announced "significant strategic changes in the neurosciences area,” which Targacept says "ultimately led to the decision to end the alliance."

Targacept will have full rights to compounds discovered or advanced as part of the deal, which at the time signed could have been worth over $1.5 billion. The Winston-Salem, N.C., company actually received $45 million, which included a $15 million equity investment.

Donald deBethizy, Targacept’s chief executive, said "while we are disappointed that we will be no longer working with our colleagues at GSK," the alliance "provided us with substantial funding at a key time... helping us stay at the forefront of NNR research."

 

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