Transition Therapeutics (NASDAQ: TTHI) Pays $1 Million for Eli Lilly Diabetes Compounds

Transition Therapeutics (NASDAQ:TTHI) said early Wednesday that it has acquired the rights to a series of diabetes-related preclinical compounds from Eli Lilly & Co. (NYSE:LLY).

Transition will pay $1 million upfront for exclusive worldwide rights to develop and potentially commercialize the compounds, which have showed potential to control blood sugar and have other benefit effects, including weight loss.

Shares of Transition and Lilly closed at $2.61 and $34.55, respectively, on Tuesday and were inactive premarket.