☰
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
Despite the instability in the global financial market, the U.S. central bank has hiked its interest rates once again. The Federal Reserve has reportedly increased its rate by 0.25 percentage points. While the institution has warned other banks that ...
Apple has reportedly decided to delay the bonuses of certain divisions, alongside a halt on new hiring as part of its efforts to cut back costs. With this move, the firm joins its peers in Silicon Valley in trying to optimize workload during tough ti...
China is making rapid progress in limiting the emission of carbon by focusing on the expansion of renewable energy. According to the Global Energy Monitor, in 2022, China has approved its highest number of new coal-fired plants since 2015. This ha...
China’s manufacturing activity has reportedly shown rapid growth at the fastest pace of the decade, following the lifting of the COVID-19 restrictions in late 2022. The country’s official purchasing managers’ index (PMI) rose to 52....
Amazon employees have reportedly expressed disagreement about the company recent mandates asking employees to return to office for work. This included the spamming of an internal website with messages of opposition against the new policy. An inter...
© 2023 aeresearch.net. All Rights Reserved.
