Opko Health Inc. (NASDAQ: OPK ) just picked up a few late stage assets for around $60 million as part of its all-share purchase of ailing microcap Transition Therapeutics Inc (USA) (NASDAQ:TTHI). The latter has had a rough twelve months, with its lead Alzheimer's candidate failing a phase II/III towards the end of last year and, more recently, Eli Lilly and Co (NYSE:LLY) pulling out of a development partnership that saw the two companies work together on a new generation diabetes drug. The market response has been pretty flat – Transition is up, or course, as the per share price Opko is paying represents a close to 122% premium on the company's pre-announcement open market close. Opko gained around 5% on Friday, but dipped on Tuesday. There's plenty of information floating around detailing the terms of the deal, but what about the actual assets? What drugs did Opko get, and why does the company think there's value in something that others gave up on?