WINSTON-SALEM, N.C.--(BUSINESS WIRE)--Targacept, Inc. (Nasdaq: TRGT) today announced the pricing of an underwritten public offering of 3.8 million shares of its common stock at a price to the public of $7.07 per share, which was the closing bid price of Targacept’s shares on the Nasdaq Global Market on January 16, 2008. Targacept has granted to the underwriters for the offering a 30-day option to purchase up to 570,000 additional shares of common stock to cover over-allotments, if any. All of the shares are being offered by Targacept. The closing of the offering is expected to take place on January 23, 2008, subject to satisfaction of customary closing conditions. Deutsche Bank Securities Inc. is the sole book-running manager for the offering. Lazard Capital Markets LLC, Oppenheimer & Co. Inc. and Pacific Growth Equities, LLC are co-managers for the offering.
