AstraZeneca has signed a $300 million (172 million pound) research and licensing agreement with Targacept, its fourth deal this month as it seeks to broaden its depleted pipeline of new drugs.
Europe’s third-largest drugs maker said in a statement it was to develop and commercialise Targacept’s phase II compound, TC-1734, aimed at treating Alzheimer’s disease, cognitive deficits in schizophrenia and other cognitive disorders.
"Targacept’s long-standing leadership position in NNR (neuronal nicotinic receptors) research will build upon our existing strengths and open up new opportunities for AstraZeneca," the company said.
Targacept will receive an initial payment of $10 million and a further $20 million on successful completion of mid-stage clinical trials. AstraZeneca is also paying $26 million in research support payments over the four years of the deal.
Together with stepped double-digit royalties dependent on sales following regulatory approval, Targacept is eligible to receive about $300 million overall.
Insiders' comment: AZ's "dynamic" new CEO, David Brennan, has been busy over the Christmas shopping period! He has now agreed four deals worth up to $1.85 billion in December alone, just days before he officially gets his feet under the CEO's desk in the companys' Stanhope Gate, Mayfair, head office.
No more "hot desking" now Dave! Come Jan 1st you the man.
The spread of pipline bolstering projects is interesting: CV, cancer and now neuro. It looks like Dynamo Dave has been covering all the main bases to help convince investors that AZ has a pipline worth somthing!
Lets see which projects turn into products.
Source: tiscali.business
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