April 18 (Reuters) - Transition Therapeutics Inc TTH.TO
* Transition therapeutics provides update on type 2 diabetes
drug candidate TT401
* Received notification Eli Lilly will not elect to advance
diabetes drug candidate, TT401 into phase 3 development
* Royalty that Transition is eligible to receive on sales of
related Lilly compounds remains unaffected
* All TT401 development and commercialization rights will be
transferred to transition
* Transition Therapeutics Inc says provides update on type
2 diabetes drug candidate TT401
* Going forward, lilly will be eligible to receive a royalty
on future TT401 sales and a royalty on TT401 non-royalty income
* Under cos collaboration agreement, all TT401 development
and commercialization rights will be transferred to Transition
Source text for Eikon: ID:nCNWNtxHda
Further company coverage: TTH.TO