Neptune Technologies & Bioressources and Enzymotec announced they entered into a broad patent cross licensing agreement which ends all outstanding litigation between the two companies.
The key elements of the settlement and licensing agreement are:
- Enzymotec will make a one-time payment of $1.63 million to Neptune
- Neptune extends Enzymotec’s worldwide and royalty-free license to its krill-related patents
- Enzymotec grants Neptune a worldwide and royalty-free license to its krill-related patents
“Both parties are satisfied that the integrity of our respective intellectual property was recognized throughout this process and that a final agreement was reached,” said Neptune CEO Jim Hamilton.
“By ending all legal challenges, we can further concentrate our efforts to the development of the omega-3 krill oil market.”
Enzymotec CEO Ariel Katz said: “We are pleased that we have come to an amicable solution with Neptune and that we have settled all of our outstanding litigation with them.
“Furthermore, the agreement promotes our joint efforts to respect the intellectual property of both parties, which is crucial to maintaining the integrity of our respective patent portfolios.”
The companies said this long-term agreement “should create a lasting patent peace, allowing both companies to focus on growth and business value creation.”