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Targacept to receive $20 million payment from AstraZeneca to continue developing AZD3480

Published in Mental Health Business Week, January 27th, 2007

Targacept, Inc. (TRGT) announced that AstraZeneca (AZN) plans to continue development of AZD3480 (TC-1734) in Alzheimer disease and cognitive deficits in schizophrenia.

AstraZeneca's determination to continue development triggers a $20 million milestone payment to Targacept under the parties' collaboration agreement. The announcement follows the completion by AstraZeneca of previously announced studies of AZD3480 (TC-1734).

Alzheimer disease is an area of medical need in the developed and developing world. Schizophrenia is a chronic, severe and disabling form of psychosis that, in addition to symptoms such as delusions and hallucinations, is often...

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