Success could come at a price to Winston.

• Position: Triad

Fall has been a season of rising fortunes for Targacept Inc. In October, the Winston-Salem-based drug developer netted $44.4 million in less than 24 hours by selling 2.2 million shares of stock. A week later came news that its depression compound, TC-5214, did three times better in clinical testing than the drug Ability. TCs-5214 is expected to hit the market in 2013, and analysts say it could generate sales of more than $1 billion--50 times what Targacept grossed last year. In early November, the company reported third-quarter net income of $1.3 million--its first profitable quarter in nearly three years. Targacept stock traded for about $22, up from a summertime low of $2.

All that set off celebrations in the Twin City. "Obviously, one of the major focuses on the growth of Winston is tied to biotechnology and life sciences," says Bob Leak, president of Winston-Salem Business Inc., which recruits companies to the city. "Having Targacept here and having it be successful continues to affirm that Piedmont Triad Research Park and our recruiting efforts are headed in the right directions."

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But some wonder whether the company is becoming too successful. They worry that a big drug company could swoop in and snatch it up--Targacept already has partnerships with AstraZeneca PLC and GlaxoSmithKline...