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Eli Lilly, AstraZeneca to co-develop Alzheimer's drug

Eli Lilly & Co. inked an agreement with AstraZeneca PLC to co-develop investigational antibody MEDI1814, a potential disease-modifying treatment for Alzheimer's disease.

MEDI1814 is currently in phase 1 trials. The deal builds on the companies' existing collaboration related to the BACE inhibitor AZD3293 in two phase 3 trials.

Eli Lilly will make an upfront payment of $30 million to AstraZeneca in connection with the agreement. It will also recognize the payment as a charge to earnings in the fourth quarter of 2016.