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LONDON, Sept 16 (Reuters) - AstraZeneca has struck apartnership deal worth up to $500 million with Eli Lilly for the British group's experimental Alzheimer's drug, which isset to enter late-stage Phase III development.
AstraZeneca said in May that it was looking to find apartner for its so-called BACE inhibitor drug, AZD3293.
Under the terms of the agreement, Lilly will pay AstraZenecaup to $500 million, depending on progress in the drug'sdevelopment. AstraZeneca said on Tuesday it expected to receivethe first payment of $50 million in the first half of 2015.
The companies will share equally all costs for thedevelopment and commercialisation of AZD3293, as well as netglobal revenues after its launch. (Reporting by Ben Hirschler; editing by Jason Neely)
