Astrazeneca has agreed to jointly develop and commercialise AZD3293, a drug currently being tested as a potential treatment for Alzheimer's disease, with Eli Lilly.Lilly will pay Astra up to $500m in development and regulatory milestone payments, the first of which it expects to receive in the first half of next year.The companies will share all future costs equally for the development and commercialisation of AZD3293, as well as net global revenues post-launch.Astra will take on responsibility for the manufacturing of the drug, while Lilly will lead clinical development.The drug aims to inhibit a particular type of enzyme that has been associated with the development of certain chemicals, the build up of which characterises the disease.Based on a phase one study, Astra anticiapates that by inhibiting the enzyme it can slow the progression of the disease."We believe that, by combining the scientific expertise from our two organisations and by sharing the risks and cost of late stage development, we will be able to accelerate the advancement of AZD3293 and progress a promising new approach to support the treatment of Alzheimer's patients around the world," said Mene Pangalos, the executive vice president of innovative medicines and early development at Astra. "What's more, this alliance will enable Astrazeneca to further sharpen our strategic focus on core therapeutic areas, while leveraging external collaborations to maximise the potential of the strong science we have in our growing pipeline."The group added that it was aiming to rapidly progress AZFD3293 into phase two and three clinical trials in patients with early Alzheimer's disease.The disease is the most common form of dementia and is a fatal illness that causes progressive decline in memory and other aspects of cognition. Around 44m people are currently estimated to have the condition, although this number is expected to soar to 135m by 2050.