Arbitral tribunal panel discards Adocia’s complaint against Eli Lilly
Category: #headlines  By Akshay Kedari  Date: 2019-08-24
  • share
  • Twitter
  • Facebook
  • LinkedIn

Arbitral tribunal panel discards Adocia’s complaint against Eli Lilly

Following this move, Lilly would continue to focus on developing and discovering new treatments for people suffering from diabetes.

A Chicago-based arbitration panel has recently ruled in favor of U.S. pharma giant Eli Lilly and Co. in a claim filed by biotech firm Adocia S.A. over the companies' previous partnership on a rapid-acting insulin.

According to trusted sources, the panel comprising of three arbitrators lined a verdict claiming that Lilly acted appropriately regarding Adocia's intellectual property, but denied Lilly's smaller counterclaim ruling that the company is not liable for damages.

Commenting on the decision, Michael J. Harrington, Senior Vice President & General Counsel, Lilly, said that their firm is pleased with the panel's decision. He claims that their company conducts its business with integrity and is looking forward to putting this matter behind it and focusing on developing and discovering new treatments for people suffering from diabetes.

For the record, Adocia and Lilly inked a collaboration agreement in 2014. However, in 2017, Lilly terminated the agreement and halted its future manufacturing, commercialization and developments related to the program.

Apparently, Adocia filed claims against Lilly for misuse of its confidential information and advancements whereas Lilly filed counterclaims based on allegations that Adocia disguised those discoveries and confidential information which were issued in Adocia's claims.

Reports cite that the recent decision will not impact the 2018 verdict by the Tribunal to award Adocia USD 11.6 million in damages, including interest, as compensation over a disputed contractual milestone payment. Moreover, Adocia is expected to hold a conference call to answer shareholders’ questions in August 2019.

For the uninitiated, Lilly is one of the leading global health care firms that focus on clinical discoveries that make people’s life better across the world. The company employees work to develop life-changing medicines to patients, improves the management and understanding of disease, and helps communities through volunteerism and philanthropy.

Source Credit: https://www.businesswire.com/news/home/20190822005745/en/Adocia-Announces-American-Arbitration-Association-Tribunal-Dismissed

https://investor.lilly.com/news-releases/news-release-details/arbitration-panel-rules-favor-lilly-complaint-filed-adocia

About Author

Akshay Kedari    

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Baidu invests US$200Mn in China’s AI company Neusoft Holdings
Baidu invests US$200Mn in China’s AI company Neusoft Holdings
By Akshay Kedari

The collaboration between Baidu and Neusoft will aid the development in smart city infrastructure, healthcare, and education.   This investment extends an existing partnership with Neusoft Holdings for the development of products. Chinese ...

LeddarTech® unveils its new 3D flash LiDAR solution, Leddar™ Pixell
LeddarTech® unveils its new 3D flash LiDAR solution, Leddar™ Pixell
By Akshay Kedari

The new solution is particularly developed for autonomous vehicles like robotaxis, shuttles, delivery and commercial vehicles, providing best-in-class safety through robustness and superior detection. LeddarTech®, the market experts in LiDAR tec...

AECOM reveals plans to launch its PFAS eliminating tech DE-FLUORO™
AECOM reveals plans to launch its PFAS eliminating tech DE-FLUORO™
By Akshay Kedari

DE-FLUORO™ will be on display at the company’s booth at the eighth International Contaminated Site Remediation Conference, CleanUp 2019. AECOM, a multinational engineering firm with a completely integrated global infrastructure, has rece...