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

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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...

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