Targacept slides as ADHD drug under development with AstraZeneca disappoints in Ph II

8 October 2010

Targacept (Nasdaq: TRGT) saw its share fall 5% in pre-market trading yesterday, when the firm revealed that top-line results from a Phase II clinical trial of AZD1446 conducted by Anglo-Swedish drug major AstraZeneca (LSE: AZN) in adults with attention-deficit hyperactivity disorder (ADHD) were disappointing and would likely see the drug dropped for this indication.

The drug is being developed under an agreement going back to 2005, but just this spring, AstraZeneca extended its rights to cover ADHA. If the UK-based drug firm exercises its license option, it would become eligible for a $30 million payment to Targacept (The Pharma Letter May 4). In that event, Targacept could receive additional payments of up to $212 million.

“While we are disappointed in the results on the primary outcome measure in this ADHD trial, we are encouraged by the memory and learning findings from the CogState test battery and believe they support further study of AZD1446 as a treatment for Alzheimer’s disease,” said Donald deBethizy, Targacept’s president and chief executive.

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