Transition Therapeutics Inc. could receive up to $137 million in a deal with drug giant Eli Lilly and Co., which will acquire rights to Transition's gastrin-based therapies for diabetes. (BioWorld Today)

With the initial public offering market slowing, many private biotech companies are going the reverse merger route, seeking to combine their operations with either public companies that have fallen on hard times or public shells to gain access to capital markets. (BioWorld Financial Watch)

After failing to attract a buyer, PDL BioPharma Inc. said it ended efforts to actively sell the company or its key assets, and took steps to streamline operations. (BioWorld Today)