Eli Lilly and Company (LLY Quick QuoteLLY - Free Report) and AstraZeneca plc (AZN Quick QuoteAZN - Free Report) gained fast track status in the U.S. for their experimental Alzheimer’s disease (AD) treatment, AZD3293.

AZD3293 is a BACE inhibitor that is currently in phase III studies. In addition to being in a phase II/III study (AMARANTH), patients are being enrolled in a phase III study (DAYBREAK-ALZ) that is evaluating the safety and efficacy of AZD3293 in people with mild Alzheimer's dementia.

We note that the FDA grants Fast Track status to facilitate the development and speed up the review process for candidates that are being developed for the treatment of serious conditions with an unmet medical need.

While the successful development of therapies for the treatment of Alzheimer’s disease is challenging, the market represents huge commercial potential and a successfully developed product could generate billions of dollars in sales once launched.

According to information provided by Lilly in its press release, about 46 million people are living with dementia across the world, with the number expected to cross 74 million in 2030 and 131 million in 2050.

Lilly has another Alzheimer’s disease candidate in its pipeline – solanezumab, an anti-amyloid beta monoclonal antibody in phase III development for the treatment of preclinical and mild Alzheimer’s disease.

LILLY ELI & CO Price

Lilly and AstraZeneca’s alliance for the development and commercialization of AZD3293 goes back to 2014.

Lilly and AstraZeneca are both Zacks Rank #3 (Hold) stocks. Some better-ranked stocks in the health care sector include Actelion Ltd. and Zoetis Inc. (ZTS Quick QuoteZTS - Free Report) – while Actelion is a Zacks Rank #1 (Strong Buy) stock, Zoetis is a Zacks Rank #2 (Buy) stock.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>