AstraZeneca and US firm team up to tackle dementia
BRITAIN'S AstraZeneca is teaming up with US rival Eli Lilly to work on an experimental pill to treat Alzheimer's disease.
The FTSE 100 company said the two firms would co-operate on developing its so-called BACE inhibitor drug, so far codenamed AZD3293. It is about to enter late-stage clinical trials.
The pill, to be tested on patients who are suffering from the early stages of Alzheimer's, works by blocking enzymes that create plaques in the brain and cause the disease.
As part of its defence against a £65billion takeover approach by Pfizer this year AstraZeneca said it would focus on key areas such as cancer and diabetes but would seek partners in other fields.
Lilly has been carrying out research into Alzheimer's for 25 years and will lead clinical development while AstraZeneca will be responsible for manufacturing. Under the terms of the deal Lilly will pay Astra-Zeneca up to £300million to share commercial rights to the drug and the two will share future costs.
AstraZeneca executive Mene Pangalos said BACE inhibitors had "the potential to target one of the key drivers of disease progression".