AstraZeneca has struck a partnership deal worth up to $500 million with Eli Lilly for the British group’s experimental Alzheimer’s drug, which is set to enter late-stage Phase III development.
AstraZeneca had said in May that it was looking to find a partner for its so-called BACE inhibitor drug, AZD3293.
Under the terms of the agreement, Lilly will pay AstraZeneca up to $500 million, depending on the progress in the drug’s development. AstraZeneca said on Tuesday it expected to receive the first payment of $50 million in the first half of 2015.
The companies will share equally all costs for the development and commercialisation of AZD3293, as well as net global revenues after its launch.