Neptune and Aker BioMarine reach important patent agreement
Companies recognise the patents' strength and end all litigation
Neptune Technologies & Bioressources and Aker BioMarine are pleased to jointly announce that they have entered into a broad patent cross-licensing agreement, thus ending all outstanding litigation between both companies.
Key elements of the settlement and licensing agreement include
- agreement ends all outstanding litigation, with continued access for Aker to Neptune's composition patents, in consideration of a royalty payment of $10 million payable during a period of 15 months
- Neptune acquires rights to use Aker's select krill oil-related patent portfolio in consideration of a royalty payment of $4 million payable during the same 15-month period.
'We are pleased that through this agreement the integrity of each company's intellectual property (IP) is recognised and puts an end to all legal challenges. Our collective focus can now be even more directed to the growth and development of the omega-3 krill oil market,' stated Jim Hamilton, President & CEO of Neptune.
'Recognition and protection of intellectual property is critical to continue to invest in innovation and R&D, which is key to driving growth in the krill oil industry. This joint patent agreement signifies the importance of respecting IP, further strengthening our position as the leading innovators in the global krill oil market,' Matts Johansen, CEO, Aker BioMarine commented.
This agreement should create a lasting patent peace, allowing both companies to focus on growth and business value creation.
