TORONTO, Aug. 25, 2016 /PRNewswire/ - Transition
Therapeutics Inc. ("Transition" or the "Company") (NASDAQ: TTHI, TSX: TTH) is pleased to announce that the Company has
received shareholder approval for the previously announced plan of arrangement involving Transition, OPKO Health, Inc., OPKO
Global Holdings, Inc. and the Transition Shareholders (the "Arrangement"). A total of 24,586,901 common shares,
approximately 63.4% of the outstanding common shares, were represented at the meeting of Transition Shareholders (the
"Meeting") in person or by proxy.
The Arrangement was approved by shareholders holding approximately 92.9% of the common shares of Transition who voted on the
Arrangement in person or by proxy at the Meeting. In addition, the Arrangement was approved by shareholders holding a majority of
the common shares of Transition who voted on the Arrangement in person or by proxy at the Meeting, after excluding the votes cast
in respect of common shares held by those persons whose votes may not be included in determining minority approval pursuant to
Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transaction. The Arrangement is
subject to final approval of the Ontario Superior Court of Justice (the "Court"). The Court hearing for the final
order is scheduled to take place on August 29, 2016 and the Arrangement is expected to close on
September 1, 2016. The common shares of Transition are expected to be delisted from the Toronto
Stock Exchange and The NASDAQ Stock Market on or about September 1, 2016.
Further details regarding the Arrangement can be found in Transition's information circular dated July
26, 2016 available on SEDAR at www.sedar.com.
About Transition
Transition is a biopharmaceutical development company, advancing novel therapeutics for CNS, metabolic diseases and androgen
deficiency indications. The Company's wholly-owned subsidiary, Transition Therapeutics Ireland Limited, has two development
programs: CNS drug candidate ELND005 for the treatment of Alzheimer's disease and Down syndrome; and selective androgen receptor
modulator drug candidate TT701. Transition's lead metabolic drug candidate is TT401 for the treatment of type 2 diabetes
and accompanying obesity. The Company's shares are listed on the NASDAQ under the symbol "TTHI" and the Toronto Stock Exchange
under the symbol "TTH". For additional information about the Company, please visit www.transitiontherapeutics.com.
Notice to Readers: Information contained in our press releases should be considered accurate only as of the date of the
release and may be superseded by more recent information we have disclosed in later press releases, filings with the OSC, SEC or
otherwise. Except for historical information, this press release may contain forward-looking statements, relating to
expectations, plans or prospects for Transition, including the receipt of court approvals, the closing of the Arrangement and the
delisting of the common shares of Transition, and the expected timing thereof. These statements are based upon the current
expectations and beliefs of Transition's management and are subject to certain risks and uncertainties that could cause actual
results to differ materially from those described in the forward-looking statements. These risks and uncertainties include
factors beyond Transition's control and the risk factors and other cautionary statements discussed in Transition's quarterly and
annual filings with the Canadian commissions and the information circular dated July 26, 2016
provided to Transition shareholders in connection with the Meeting, which is available on SEDAR and EDGAR at www.sedar.com and www.sec.gov, respectively.
SOURCE Transition Therapeutics Inc.