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NeuroSearch signs CNS deal with Eli Lilly
March 2009
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COPENHAGEN—NeuroSearch announced Feb. 17 that it signed a three-year drug discovery and development with agreement with Eli Lilly and Co. to investigate a defined number of undisclosed ion channel targets for their potential in treating various central nervous system (CNS) disorders. Under the terms of the agreement, NeuroSearch is eligible to receive up to $13 million from Lilly in upfront fees and research funding over the next three years, of which $5 million will be paid up front. Lilly will also make a $17 million equity investment in NeuroSearch. Lilly will have various options to exercise license rights to individual compounds covered by the agreement and related intellectual property. Upon exercise of license rights, Lilly will be responsible for all subsequent development and commercialization activities. For each product successfully developed and commercialized under the alliance, NeuroSearch may be entitled to milestone payments of up to $320 million plus royalties on the product's global sales.

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