Eli Lilly to invest 13m in NeuroSearch

Eli Lilly and Company will invest up to $13 million (9.156 million pounds) to NeuroSearch in research funding over the next three years, it has been reported.

The finance will be used to discover and develop new treatments to cure various central nervous system (CNS) disorders.

Under the terms of the agreement, Lilly will pay $5 million to NeuroSearch upfront and, on top of the funding, will also make a £17 million equity investment in the firm.

Vice-president of Lilly Dr William Chin explained the partnership is an exciting step to research and develop new therapies.

He commented: “The equity stake ? is also an excellent example of our corporate strategy as a fully integrated pharmaceutical network ? where we are collaborating ? to deliver improved outcomes to individual patients.”

Chief executive officer of NeuroSearch Flemming Pedersen added the alliance, if successful, would share the attractive long-term revenue.

NeuroSearch is a Scandinavian biopharmaceutical company with around 240 employees. It looks to advance novel drugs based on unique and broad drug discovery platform, which focuses on ion channels and CNS disorders.