AstraZeneca returns several compounds to Targacept

Mon Feb 10, 2014 5:11pm EST

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(Reuters) - Biotech company Targacept Inc (TRGT.O) said British drugmaker AstraZeneca (AZN.L) would return rights to several pre-clinical compounds, sending the U.S. company's shares down 10 percent in extended trading.

A licensing agreement, signed in 2005, continues for the remaining compounds, including AZD1446, a potential treatment for Alzheimer's disease.

The amendment to the agreement becomes effective 90 days after February 7, Targacept said in a filing with the U.S. Securities and Exchange Commission. (r.reuters.com/xuh76v)

Targacept shares closed at $4.96 on the Nasdaq on Monday.

(Reporting by Shailesh Kuber; Editing by Don Sebastian)

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