Eli Lilly & Co. backed out of an agreement to develop Adocia SA's ultra-rapid insulin BioChaperone Lispro.
BioChaperone Lispro is meant to treat people with both type 1 and type 2 diabetes. With the termination, the insulin's rights are reverted back to Adocia.
Adocia Chairman and CEO Gérard Soula said the company was "surprised" by Lilly's decision and would advance the insulin to phase 3 clinical trial with the help of a new partner.
Adocia had licensed the rights to the insulin in December 2014 in exchange for an up-front payment of $50 million. The company was also eligible to receive up to an additional $520 million in certain development, regulatory and sales milestones-related-payments.