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     aeresearch.net

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

Hyundai Motor, LG Energy Solution to launch battery plant in Indonesia

Hyundai Motor, LG Energy Solution to launch battery plant in Indonesia

By Akshay Kedari

This new battery production plant will be built in the Karwang Regency. It will reportedly have a yearly output of around 10 gigawatt-hours of batteries. South Korean multinational conglomerates Hyundai Motor Company and LG Energy Solution Ltd. ...

Amazon’s ‘Key for Business’ raises security concerns for U.S apartments

Amazon’s ‘Key for Business’ raises security concerns for U.S apartments

By Akshay Kedari

American technology and e-commerce giant, Amazon.com Inc. has reportedly been using ‘Key for Business’- a system that enables the company’s delivery agents to gain access to apartment complexes without requiring to be buzzed in by r...

Volvo Cars might take full control of its Chinese stake ahead of IPO

Volvo Cars might take full control of its Chinese stake ahead of IPO

By Akshay Kedari

Swedish luxury automobile manufacturer Volvo Cars Corporation reportedly signed an agreement with Zhejiang Geely Holding Group to buy out from their decade-long joint ventures to gain complete ownership of its facilities in China. According to relia...

Lamborghini expects sale volumes to hit record highs in India this year

Lamborghini expects sale volumes to hit record highs in India this year

By Akshay Kedari

Italian luxury sports car manufacturer, Automobili Lamborghini S.p.A. is reportedly expecting substantial growth in sales volumes in India this year as the carmaker is experiencing a V-shaped upturn in demand after the easing out of COVID-19 pandemic...

Netflix ventures into video games, hires former Oculus and EA developer

Netflix ventures into video games, hires former Oculus and EA developer

By Akshay Kedari

OTT streaming giant Netflix Inc. is reportedly planning to offer games on its platforms at no additional costs. The company has tapped Mike Verdu, a former Oculus and EA game development leader, to spearhead its games division. Verdu will join as th...