Date Closed

August 18, 2008

Lead Office

Calgary

Value

1.00 Million USD

On August 18, 2008, Transition Therapeutics Inc. ("Transition") completed a series of actions to strengthen the company's drug discovery group. Transition has acquired certain assets and the exclusive rights to three drug discovery projects from Forbes Medi-Tech (Research) Inc., a wholly owned subsidiary of Forbes Medi-Tech Inc. In consideration for the acquisition of these assets and intellectual property rights, Forbes will receive from Transition US$1 million, and potentially up to an additional US$6 million  in contingent consideration dependent on all three technologies successfully achieving certain developmental and regulatory milestones.

McCarthy Tétrault LLP represented Transition Therapeutics with a team that was led by Andrew Grasby.