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AstraZeneca passes on TC-5619

May 3, 2011 12:42 AM UTC

Targacept Inc. (NASDAQ:TRGT) said AstraZeneca plc (LSE:AZN; NYSE:AZN) declined to exercise an option to license neurology candidate TC-5619. Targacept recently reported data from two Phase II trials of the neuronal nicotinic acetylcholine receptor alpha 7 agonist: one in ADHD that missed the primary endpoint last month; and one in schizophrenia that met the primary endpoint in January. Targacept, which said it will announce development plans "soon," is also pursuing development of TC-5619 for Alzheimer's disease (AD). AstraZeneca could not be reached for comment. Targacept slipped $0.55 to $23.63 on Monday. ...