Having announced just last month an expansion of its alliance with US pharma giant GlaxoSmithKline, Danish biopharmaceutical company NeuroSearch has cheered the market again by announcing a three-year drug discovery and development alliance with another US pharma giant, Eli Lilly and Company (Lilly). Research will be made into a certain number of undisclosed agents to assess their potential in treating various central nervous system (CNS) disorders.
According to a statement issued by NeuroSearch, the agreement makes it eligible to receive up to USD 13m from Lilly in up-front fees and research funding over the next three years, of which USD 5m will be paid up front. Lilly will also make a USD 17m equity investment in NeuroSearch through a new share subscription.
Lilly discovery research vice president William Chin said in a press announcement: “We are excited to partner with NeuroSearch, whose expertise in ion channel modulation will bolster our efforts to discover and develop promising CNS therapies."
NeuroSearch CEO Flemming Pedersen commented: “Our collaboration is structured to secure both a balanced risk sharing and very attractive long term revenue, if our efforts are successful, as well as significant near term financing to NeuroSearch.”
Headquartered in Ballerup on the outskirts of Copenhagen, NeuroSearch’s core business covers the development of novel drugs, based on a discovery platform focusing on ion channels and CNS disorders. The company's drug pipeline comprises 12 clinical programmes in Phase I - III, and a broad portfolio of preclinical drug candidates. The company is listed on the Nasdaq OMX Copenhagen exchange has approximately 240 employees.