Targacept Announces Termination of Strategic Alliance Agreement with GlaxoSmithKline

Targacept, Inc. TRGT today announced the termination of its strategic alliance agreement with GlaxoSmithKline GSK, effective in May 2011.  

Targacept and GSK entered into the agreement in July 2007 with the goal to discover, develop and market novel therapeutics that selectively target specified neuronal nicotinic receptors in five therapeutic focus areas—pain, smoking cessation, addiction, obesity and Parkinson’s disease. In February 2010, GSK announced significant strategic changes in the neurosciences area, which ultimately led to the decision to end the alliance. Following termination of the agreement, Targacept will have full rights to its programs subject to the alliance, including compounds discovered or advanced as part of the alliance.