Altea in exenatide patch deal with Lilly, Amylin

Altea Therapeutics Corp. (Atlanta, Ga.) granted Eli Lilly and Co. (NYSE:LLY) and Amylin Pharmaceuticals Inc. (NASDAQ:AMLN) exclusive, worldwide rights to develop and commercialize transdermal exenatide using Altea's PassPort Transdermal Delivery System. The once daily transdermal exenatide patch is in Phase I testing for Type II diabetes. Altea will receive an undisclosed upfront payment and is eligible for up to $46 million in milestones, plus royalties. Lilly and Amylin also will each make an undisclosed equity investment in Altea. ...