Eli Lilly agreed to form a three-year partnership with NeuroSearch to research and develop compounds which are based on a set number of ion channel targets and used to treat central nervous system disorders, NeuroSearch reported on Tuesday. Under the terms of the agreement, which could be worth up to $350 million for NeuroSearch, Eli Lilly will have the option to licence the rights to compounds covered by the alliance.

Eli Lilly will make upfront payments to NeuroSearch totalling $13 million, and will invest $17 million in the company, buying the equivalent of a 3.3-percent stake. NeuroSearch will also be eligible to receive milestone payments of up to $320 million, plus royalties on worldwide sales, for each successfully commercialised product.

Source: FirstWord

Popularity: 2% [?]