ARTICLE | Financial News

Targacept raises $75 million

May 21, 2011 12:19 AM UTC

Targacept Inc. (NASDAQ:TRGT) raised $75 million through the sale of 3.7 million shares at $20.50 in a follow-on underwritten by Deutsche Bank; Lazard; Leerink; Oppenheimer; Needham; Ladenburg Thalmann; and Global Hunter Securities. The offering was proposed on Tuesday, when Targacept's stock price was $21.18. Targacept was up $0.75 to $22.22 on Friday.

Targacept is partnered with AstraZeneca plc (LSE:AZN; NYSE:AZN) to co-develop TC-5214, which is in Phase III testing as an adjunct treatment for major depressive disorder (MDD). The product is an s-enantiomer of mecamylamine hydrochloride, a broad spectrum non-competitive nicotinic receptor antagonist. ...