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

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

Kerbal Space Program unveils new ESA missions simulation update
Kerbal Space Program unveils new ESA missions simulation update
By Akshay Kedari

Kerbal Space Program, a space flight simulator video game, has launches its new Shared Horizons update across the European frontier. Reportedly, this new update would allow players to recreate ESA (European Space Agency) missions to Mercury and to a ...

Google acquires Canadian augmented reality wearables firm North
Google acquires Canadian augmented reality wearables firm North
By Akshay Kedari

In a recent turn of events, a Canada based augmented reality (AR) wearables company North, has reportedly been acquired by Google for an undisclosed valuation. Based on the reports from Globe and Mail, the deal accounted for USD 180 million. For tho...

Librestream raises $24M through CBGF-led Series-D funding round
Librestream raises $24M through CBGF-led Series-D funding round
By Akshay Kedari

Winnipeg based augmented worker enterprise solutions provider, Librestream, has reportedly raised an amount of $24 million through a Series-D funding round led by Canadian Business Growth Fund (CBGF). The company will use the procured funds to boost ...

John Lewis to soon unveil its biomethane gas filling station
John Lewis to soon unveil its biomethane gas filling station
By Akshay Kedari

UK-based retail giant, John Lewis Partnership has recently announced construction of its dedicated biomethane gas filling station in an effort to curb carbon emission. This move is deemed to be a part of the its vision to become carbon neutral across...

Samsung semiconductor plants receive ULs environment certification
Samsung semiconductor plants receive ULs environment certification
By Akshay Kedari

Since many years now, Samsung Electronics Co. Ltd., one of the largest semiconductor manufacturers in the world, has been taking proactive steps to reduce its carbon footprint. Recently, the electronics giant has received the Zero Waste to Landfill c...