Entering the deal would allow the companies to jointly use their expertise in central nervous system (CNS) drug development, the companies said in a statement.
"Proximagen has built an exciting pipeline which offers real promise in treating a number of CNS disorders," Lundbeck's head of research and development, Anders Gersel Pedersen said.
"This strategic partnership will provide Lundbeck with exposure to some very exciting research programs," Pedersen said.
As part of the deal, a committee involving experts from both companies will focus on developing three of Proximagen's programs, with the aim of identifying new therapies for diseases such as epilepsy, pain and inflammatory disorders, the companies said.
Lundbeck would receive certain negotiation rights in relation to these programs, it said.
"The partnership with Lundbeck validates our strategy and represents a major step forward in realizing the value of key compounds in our pipeline," Proximagen's chief executive officer, Kenneth Mulvany, said.