Eli Lilly to take over development of diabetes treatment

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Indy-based drugmaker Eli Lilly is taking over the development of a potential diabetes treatment.

Lilly is paying Canadian company Transition Therapeutics $7 million to take over the project.

The drug is heading into mid-stage clinical testing. It’s being developed to treat type-2 diabetes, which is the most common form of the illness.

Transition could receive millions in royalties if the drug is eventually approved and sold.