Aker BioMarine and Neptune Technologies & Bioressources Inc., announced on Monday, that the two companies have entered a broad patent cross-licensing agreement.
The agreement, which also ends all outstanding litigation between the two companies, allows Aker BioMarine access to Neptune Wellness Solutions (formerly Neptune Technologies & Bioressources Inc.), composition patents; however Aker BioMarine must pay Neptune a royalty payment of $10 million, over a period of 15 months.
“We are pleased that through this agreement the integrity of each company’s Intellectual Property (IP) is recognized 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 and CEO of Neptune.
Neptune Wellness Solutions will also have to pay Aker BioMarine a royalty payment of $4 million, over the same 15 month period, for the rights to use the companies krill oil-related patent portfolio.
“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.
Posted on WholeFoods Magazine Online 10/5/2016