AstraZeneca, Targacept End Work on Depression Drug

Drug makers AstraZeneca and Targacept say they have abandoned plans to seek regulatory approval for a drug intended to treat major depressive disorder.

AstraZeneca PLC said Tuesday that the drug TC-5214 did not perform as hoped in an eight-week trial compared to a placebo.

AstraZeneca says it will take an impairment charge of $50 million as a result. The company's shares were down half a percent at 2,843.5 pence in London.

London-based AstraZeneca and Targacept Inc., based in Winston-Salem, North Carolina, signed a collaboration agreement to develop the drug in 2009.