AstraZeneca returns several compounds to Targacept
(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)
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video