Wait and see deal

After pulling a proposed IPO in March 2008, metabolic company Elixir Pharmaceuticals Inc. now has a clear path to an exit. But the company's investors will have to wait until late in 2011 to see if their best laid plans play out as hoped.

Last week, Elixir gave Novartis AG an exclusive option to acquire the biotech after it completes Phase IIa testing of its preclinical oral ghrelin antagonist to treat Type II diabetes and obesity...