The FDA has granted Phase 3-stage AZD3293 Fast Track status or the treatment of early Alzheimer's disease (AD). AZD3293 inhibits an enzyme called BACE (beta secretase cleaving enzyme) which plays a key role in the formation of myelin sheaths in peripheral nerve cells. AZD3293 is being co-developed and will be co-commercialized by Eli Lilly (LLY) and AstraZeneca (AZN) under their 2014 strategic alliance.