AstraZeneca has decided to cut its losses and drop the Phase III antidepressant candidate TC-5214 that it licensed from Targacept in December 2009.
It said that it would not pursue a regulatory filing for the novel neuronal nicotinic receptor antagonist after reporting that two final Phase III trials had failed to meet their primary endpoints, confirming negative results from previous Phase III studies. It will take a $50 million impairment charge following the latest data. Previous negative results prompted AstraZeneca to record a $96
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