Pharmaceutical company Elan has signed a joint agreement to develop a new treatment for Alzheimer's disease.
The deal, with Transition Therapeutics, covers AZD-103, a compound which is in the first phase of clinical development.
Elan will pay Transition $15m, half this year and half in 2007, but this is dependent on the successful development and regulatory approval for the treatment.
Both companies will share the costs and operating profits of AZD-103 if it is successfully developed.
