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Lilly and Transition Therapeutics Announce Licensing and Collaboration Agreement
Date:3/13/2008

Lilly to Acquire Exclusive Rights to Gastrin Based Therapies Program for

Diabetes

INDIANAPOLIS and TORONTO, March 13 /PRNewswire-FirstCall/ -- Eli Lilly and Company (NYSE: LLY) and Transition Therapeutics Inc. (TSX: TTH; Nasdaq: TTHI) today announced that the two companies have entered into a licensing and collaboration agreement granting Lilly exclusive worldwide rights to develop and commercialize Transition's gastrin based therapies, including the lead compound TT-223, which is currently in early Phase II testing. Gastrin based therapies are an emerging class of potential disease-modifying therapies for patients with diabetes, and have been shown to provide sustained improvement in glycemic control in preclinical models and early clinical studies. Sustained improvement in glycemic control is a key goal for patients with diabetes in order to alleviate the symptoms of hyperglycemia and to prevent diabetic complications, thereby improving their overall quality of life.

Under the terms of the agreement, Transition will receive a $7 million upfront payment, and may also receive up to $130 million in potential development and sales milestones, as well as royalties on sales of gastrin based therapies if any product is successfully commercialized. Transition and Lilly will both participate in the currently planned phase II clinical trial with lead compound TT-223 in type 2 diabetes. Thereafter, Lilly will be responsible for further development activities and the commercialization of all gastrin based therapeutic products worldwide. Other terms of the deal were not disclosed.

"This agreement represents an exciting new direction for Lilly's diabetes care research," said David Moller, M.D., Li
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SOURCE Eli Lilly and Company
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