Transition Therapeutics has acquired the rights to a series of preclinical compounds from Eli Lilly and Co. in the area of diabetes. Transition will receive exclusive worldwide rights to develop and potentially commercialize a class of compounds that showed potential to provide glycemic control and other beneficial effects including weight loss. Lilly will receive an upfront payment of $1 million and will retain the option to reacquire the rights to the compounds at a later date. Lilly retain...