Private Company Deal of the Year

Targacept

Description

Targacept is a privately-held pharmaceutical company based in Winston-Salem that discovers, develops and markets novel therapeutic products for some of the world's most critical diseases. Its priority is to address the unmet medical needs of patients with neurodegenerative, neuropsychiatric and gastrointestinal diseases. Targacept's researchers are focused on developing a new class of drugs for a new class of targets, novel chemical entities that selectively activate neuronal nicotinic receptors, offering great potential for symptomatic relief and playing a role in neuroprotection to slow the progression of disease.

Reasons for winning the award

Targacept held North Carolina’s largest venture funding round in 2002 when it raised $46 million in December 2002. The company then added $14 million more to its second round total in March 2003, bringing the second round total to $60 million and attracting further positive attention to the deal and to the region. National investors include New Enterprise Associates (NEA), Burrill & Company, Rock Castle Ventures and Oxford Bioscience Fund.

Quote

"We are very pleased to receive this recognition from our colleagues at CED and are honored to be part of this celebration of the on-going success of North Carolina biotechnology. Targacept was able to persevere during a difficult year for biotech deal making and complete one of the largest VC rounds in the world in private biotech." -- Don deBethizy, President and CEO

History

Targacept was established in 1997 as a wholly owned subsidiary of a Fortune 100 company, and became independent in August 2000 in what has been described by the Harvard Business Review as one of the most successful spinouts in history. Targacept is located in Winston-Salem, NC, and is the anchor tenant for the Piedmont Triad Research Park (PTRP), which is now undertaking its Master Plan for expansion. PTRP encompasses 200 acres in the heart of the city and will feature 5.7 million square feet of research and development labs and offices surrounded by expansive greenspace, a natural stream, fountains and a pedestrian promenade.

Photo courtesy of BP Studios.

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