Worldwide president of distribution Stephanie Denton of the newly formed sales arm Bold Films International will introduce the project at Cannes.
Joseph Ruben, whose credits include Sleeping With The Enemy, will direct from a screenplay by David Venable about a doctor who unwittingly rehabilitates and falls for a killer.
Producers Lancaster and Michel Litvak of the Los Angeles-based company are out to casting. Alexandra Milchan and Marc Sternberg are also producing and Walters will serve as executive producer.
Litvak, Walters and Lancaster previously collaborated on Bobby and are currently in post-production on Legion, which stars Paul Bettany, Dennis Quaid, Tyrese Gibson and Charles S Dutton and will go out in North America through Screen Gems and Starship Troopers 3: Marauders, which will be handled by Sony Pictures Home Entertainment. SPRI holds international rights for both projects.
Milchan recently produced Street Kings starring Keanu Reeves and Forest Whitaker and is producing Mary Queen Of Scots starring Scarlett Johansson.