Targacept Announces Pricing of Public Offering of Common Stock

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Tuesday, 24 May 2011 00:09

Targacept, Inc. (NASDAQ: TRGT) announced today the pricing of an underwritten public offering of 3,658,537 shares of its common stock at a price to the public of $20.50 per share. The net proceeds to Targacept from the sale of the shares, after deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $70.2 million. The offering is expected to close on May 25, 2011, subject to customary closing conditions.

Targacept has granted the underwriters for the offering an option for a period of 30 days to purchase up to an additional 548,780 shares of common stock to cover over-allotments, if any. The expected net proceeds to Targacept referenced above do not include any net proceeds that Targacept would receive if the underwriters exercise such over-allotment option.

Deutsche Bank Securities Inc. is acting as sole book-running manager for the offering. Lazard Capital Markets LLC, Leerink Swann LLC, Oppenheimer & Co. Inc., Needham & Company, LLC, Ladenburg Thalmann & Co. Inc. and Global Hunter Securities LLC are acting as co-managers for the offering.

The offering is being made by Targacept pursuant to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission (SEC). A prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Copies of the prospectus supplement, when available, and the accompanying prospectus relating to this offering may be obtained from Deutsche Bank Securities Inc., Attn: Prospectus Department, 100 Plaza One, Floor 2, Jersey City, NJ 07311, Telephone number: (800) 503-4611 begin_of_the_skype_highlighting (800) 503-4611 end_of_the_skype_highlighting, Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or other jurisdiction.

About Targacept

Targacept is a biopharmaceutical company engaged in the design, discovery and development of NNR Therapeutics™ for the treatment of diseases and disorders of the nervous system.

source:Targacept