Eli Lilly wraps $247M deal for PhII diabetes drug

Eli Lilly ($LLY) is stepping in to take control of an experimental diabetes drug from Canada's Transition Therapeutics ($TTHI), paying $7 million upfront and promising up to $240 million in milestones. The drug--TT-401--is headed into Phase II. Transition will pay Lilly $14 million in installments to complete the Phase II trial. "We are encouraged by the early data seen to date with TT-401, and are pleased by the efficient and thorough process by which Transition Therapeutics conducted the Phase I studies," said David Moller, vice president of endocrine and cardiovascular research and clinical investigation for Lilly. Release