AstraZeneca PLC (LON:AZN) will receive a US$100mln boost under the terms of a deal it has with American competitor Eli Lilly & Co (NYSE:LLY).
Lilly has made what’s known as a milestone payment following progress in developing a treatment called AZD3293 for early stage Alzheimer's disease.
The pair revealed today their beta secretase cleaving enzyme (BACE) inhibitor will move into phase III clinical trials after an independent data committee waved the drug through.
"BACE inhibitors have the potential to target one of the key drivers of disease progression and we are delighted that our combined efforts have resulted in the development of AZD3293 moving into the next phase of study,” said Menelas Pangalos of AZ’s biotech unit.
“Disease modifying approaches, such as this, have the potential to transform the treatment of Alzheimer's disease and help patients in this area of large unmet medical need."