(Reuters) - AstraZeneca has signed a partnership agreement with a value of $ 500 million from Eli Lilly for experimental Alzheimer's drug by the British group, which is set to enter late-stage development of phase III.
AstraZeneca said in May that he wanted to find a partner for BACE inhibitor AZD3293 healing naturally.
Under the terms of the agreement, AstraZeneca, Lilly will pay 500 million, depending on the progress in the development of the drug. AstraZeneca announced on Tuesday expected to receive the first payment of 50 million dollars in the first half of 2015.
The companies will share equally all costs for the development and commercialization of AZD3293 and net income of its release. (Reporting by Ben Hirschler, editing by Jason Neely)