Under the deal, both the firms will focus on developing three of Proximagen’s programmes, with the aim of identifying novel innovative therapies for serious diseases such as epilepsy, pain and inflammatory disorders.
Lundbeck will also receive certain negotiation rights in relation to these programmes.
Proximagen CEO Kenneth Mulvany said the partnership with Lundbeck validates their strategy and represents a major step forward in realizing the value of key compounds in their pipeline.
"We look forward to working closely with Lundbeck as we each share our expertise to develop therapies for patients," Mulvany said.