New Issue: Targacept prices $45 million IPO at $9 per share, below range of $11 to $13

By Ronda Fears

Memphis, April 12 - Targacept, Inc. set terms on a $45 million initial public offering of 5 million common shares at $9 each, below the indicative range of $11 to $13.

Bookrunner was Deutsche Bank Securities, Inc.

Winston-Salem, N.C.-based Targacept is engaged in the design, discovery and development of a new class of drugs to treat multiple diseases and disorders of the central nervous system by selectively targeting neuronal nicotinic receptors.

Proceeds are earmarked to fund clinical trials, research and development and general corporate purposes.

Issuer:	Targacept, Ltd.
Issue:	Initial public offering
Amount:	$45 million
Net proceeds:	$41.85 million
Shares:	5 million
Greenshoe:	750,000
Price:	$9.00 per share
Price range:	$11 to $13
Bookrunner:	Deutsche Bank Securities, Inc.
Co-managers:	Pacific Growth Equities LLC, CIBC World Markets and Lazard Capital Markets
Pricing date:	April 11
Settlement:	April 18
Ticker:	Nasdaq: TRGT

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