LYON, France--(BUSINESS WIRE)--Regulatory News:
Adocia (Paris:ADOC) (Euronext Paris: FR0011184241 – ADOC), the biopharmaceutical company focused on the treatment of diabetes and other metabolic diseases with innovative formulations of approved proteins, today announced an update to the second arbitration against Eli Lilly & Company (“Lilly”) for misappropriation and misuse of Adocia’s confidential information and discoveries. First, Adocia has updated the amount of damages and other specific relief to approximately USD 1.8 billion (before addition of pre-and post-judgment interest). Second, Lilly has filed counterclaims against Adocia seeking approximately USD 188 million, including prejudgment interest. These counterclaims are based on an allegation that Adocia concealed its discoveries and confidential information which are at issue in Adocia's claims. Adocia denies Lilly's claims.
"Based on these recent developments, we are continuing to prosecute our claims with the same determination," said Gerard Soula, President and CEO of Adocia.
The proceedings remain set for an arbitration hearing in December 2018 and a tribunal decision is expected in 2019. The proceedings are confidential and Adocia will report further as appropriate.
Adocia is a clinical-stage biotechnology company that specializes in the development of innovative formulations of already-approved therapeutic proteins and peptides for the treatment of diabetes and other metabolic diseases.
Adocia’s portfolio of injectable treatments for diabetes, featuring six clinical-stage products and two preclinical products, is among the largest and most differentiated of the industry. Adocia also recently expanded its portfolio to develop treatments for obesity and short bowel syndrome.
The proprietary BioChaperone® technological platform is designed to enhance the effectiveness and/or safety of therapeutic proteins while making them easier for patients to use. Adocia customizes BioChaperone® to each protein for a given application. Adocia’s clinical pipeline includes five novel insulin formulations for the treatment of diabetes: two ultra-rapid formulations of insulin analog lispro (BioChaperone® Lispro U100 and U200), a combination of basal insulin glargine and rapid-acting insulin lispro (BioChaperone® Combo), a rapid-acting formulation of human insulin (HinsBet® U100), and a prandial combination of human insulin with amylin analog pramlintide (BioChaperone® Pramlintide Insulin). It also includes an aqueous formulation of human glucagon (BioChaperone® Glucagon) for the treatment of hypoglycemia. Additionally, Adocia develops two combinations of insulin glargine with GLP-1 receptor agonists (BioChaperone Glargine Dulaglutide® and BioChaperone® Glargine Liraglutide), a ready-to-use aqueous formulation of teduglutide (BioChaperone Teduglutide) and a ready-to-use combination of glucagon and a GLP-1 receptor agonist (BioChaperone® Glucagon GLP1), all of which are in preclinical development.
Adocia and Tonghua Dongbao recently entered a strategic alliance. In April 2018, Adocia granted Tonghua Dongbao licenses to develop and commercialize BioChaperone Lispro and BioChaperone Combo in China and other Asian and Middle-Eastern territories. The licensing included a $50M upfront and up to $85M development milestones, plus double-digit royalties on sales. In June 2018, Tonghua Dongbao agreed to manufacture and supply insulin lispro and insulin glargine to Adocia globally, excluding China.
Adocia aims to deliver “Innovative medicine for everyone, everywhere.”
To learn more about Adocia, please visit us at www.adocia.com
This press release contains certain forward-looking statements concerning Adocia and its business. Such forward-looking statements are based on assumptions that Adocia considers to be reasonable. However, there can be no assurance that the estimates contained in such forward-looking statements will be verified, which estimates are subject to numerous risks including the risks set forth in the “Risk Factors” section of the Reference Document filed with the French Autorité des marchés financiers on April 19, 2018 (a copy of which is available on www.adocia.com) and to the development of economic conditions, financial markets and the markets in which Adocia operates. The forward-looking statements contained in this press release are also subject to risks not yet known to Adocia or not currently considered material by Adocia. The occurrence of all or part of such risks could cause actual results, financial conditions, performance or achievements of Adocia to be materially different from such forward-looking statements. This press release and the information contained herein do not constitute an offer to sell or the solicitation of an offer to buy Adocia shares in any jurisdiction.