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AstraZeneca returns several compounds to Targacept

Reuters - UK Focus

Feb 10 (Reuters) - Biotech company Targacept Inc (NasdaqGS: TRGT - news) said British drugmaker AstraZeneca (NYSE: AZN - news) 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 Feb. 7, Targacept said in a filing with the U.S. Securities and Exchange Commission. ()

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