INDIANAPOLIS - An arbitration panel has declared that Indianapolis-based Eli Lilly and Co. (NYSE: LLY) not liable for damages in a claim filed by Adocia S.A. The dispute involved an alleged infringement of intellectual property regarding a fast-acting insulin developed during the companies' previous collaboration. 

The Chicago-based arbitration panel ruled in favor of Lilly but did deny what the company calls a “smaller counterclaim.”

Lilly and Adocia initially signed a collaboration agreement in December 2014. 

The company says it terminated the agreement and halted any continuing development with the program in January 2017.

"We're pleased with the panel's decision," said Michael Harrington, Lilly's senior vice president and general counsel in a news release. "Lilly conducts its business with integrity. We look forward to putting this matter behind us and focusing on the important work of discovering and developing new treatments for people living with diabetes."