Targacept, GlaxoSmithKline End Partnership
March 3, 2011
The Associated Press reports, Targacept Inc. and GlaxoSmithKline announced they are ending their partnership to develop treatments for addiction, obesity, and several other conditions. In a statement, Targacept noted that GlaxoSmithKline is in the midst of "significant strategic changes" in its focus on neurosciences, which ultimately led to the collaboration ending. Targacept is still a development-stage company and has received $45 million from GlaxoSmithKline since the collaboration began in 2007. The Winston-Salem company plans to recognize $17.6 million of deferred revenue from the deal in the first quarter. The companies were focusing on technology that would target specific neuronal nicotinic receptors with the hope of finding treatments for pain, smoking cessation, addiction, obesity, and Parkinson''s disease. Targacept will now have full rights to its programs that were part of the collaboration.