GSK and Targacept have inked a discovery, development and commercialization deal for therapeutics that target specified neuronal nicotinic receptors. Targecept will gain $35 million up front and up to $1.5 billion in additional milestones from GSK. The deal includes Targacept's TC-2696, which is currently in a Phase II trial for acute post-operative pain, and preclinical drug candidate TC-6499 for neuropathic pain.
"This uniquely structured deal enables us to accelerate the progression of our pipeline, capitalize on our discovery and development expertise and leverage the resources of a premier global pharmaceutical company while retaining considerable value. The alliance also aligns with our business strategy to progress our pipeline through human proof of concept and partner selectively for late-stage development and commercialization in primary care fields," stated J. Donald deBethizy, Ph.D., President and CEO of Targacept in a release.
- see the release for more
- read the Wall Street Journal article for more (sub. req.)