Neptune Technologies & Bioressources and Enzymotec are pleased to jointly announce that they have 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 to 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.
The agreement ends all outstanding litigation between the two companies.
"Both parties are satisfied that the integrity of our respective intellectual property was recognised throughout this process and that a final agreement was reached. By ending all legal challenges, we can further concentrate our efforts to the development of the omega-3 krill oil market," stated Jim Hamilton, President and CEO of Neptune.
Dr Ariel Katz, President and CEO of Enzymotec, commented: "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."
This long-term agreement should create a lasting patent peace, allowing both companies to focus on growth and business value creation.
