Targacept Public Offering of 3.66M Shares at $20.50 per Share

Targacept, Inc. TRGT announced today the pricing of an underwritten public offering of 3,658,537 shares of its common stock at a price to the public of $20.50 per share. The net proceeds to Targacept from the sale of the shares, after deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $70.2 million. The offering is expected to close on May 25, 2011, subject to customary closing conditions.