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.
David Moller, Lilly’s vice president of endocrine and cardiovascular research and clinical investigation, said: “We plan to leverage Transition’s experience in gastrin based therapies with our own internal expertise, including Lilly’s strong biotechnology discovery platform, to continue our mission to develop innovative, beneficial and cost-effective treatments for patients with diabetes.”