Lilly strikes $7M-plus licensing deal

March 13, 2008

Eli Lilly and Co. will pay at least $7 million to acquire rights to a diabetes compound developed by Toronto-based Transition Therapeutics Inc., the companies announced tonight.

Indianapolis-based Lilly will work with Transition to complete a Phase II trial of a compound called TT-223, which provided sustained improvement in blood sugar control during preclinical studies.

Under the terms of the agreement, Lilly could pay Transition up to $130 million if the company achieves certain development and sales goals. Transition would also receive royalties from any future commercial sales.

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