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