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Covington Represented AstraZeneca in Collaboration Agreement with Targacept

January 19, 2006

WASHINGTON, D.C., January 19, 2006 - Covington & Burling represented AstraZeneca AB in its recent global licensing and research collaboration agreement with Targacept Inc.  Under the terms of the agreement, which is subject to the expiration or termination of the HSR (Hart Scott Rodino) clearance period in the US, AstraZeneca will obtain the global rights for the development and commercialization of Targacept's proprietary compound TC-1734 to treat Alzheimer's disease, cognitive deficits in schizophrenia and other cognitive disorders.  The agreement also allows for the development of other compounds that act on neuronal nicotinic receptors (NNRs) during the four-year research collaboration.

Taking into account an upfront payment upon effectiveness of the agreement, research funding, and further payments contingent on achievement of development, regulatory and first commercial sale milestones for TC-1734, Targacept is eligible to receive approximately $300 million in payments, together with stepped double digit royalties dependent on sales following regulatory approval.

The completion of the deal was announced on December 28, 2005.

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