NeuroSearch is getting a capital injection of $22 million after signing a new R&D pact with Eli Lilly. Lilly is providing $5 million of that as an upfront fee and $17 million in an equity investment in exchange for NeuroSearch's help to advance new medicines based on novel approaches to specific ion channel modulation. The partnership will focus on CNS programs.
Under the pact NeuroSearch will also gain $8 million to support its research work. And each new product that is approved can qualify for up to $320 million in milestones and additional royalties.
The deal is an "excellent example of our corporate strategy as a fully integrated pharmaceutical network, where we are collaborating with researchers beyond our walls," says William Chin, Lilly vice president for discovery research and clinical investigation.
- read the NeuroSearch release