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Neptune, Aker: peace breaks out
4 Oct 2016Neptune and Aker BioMarine have announced that they have entered into a broad patent cross-licensing agreement, thus ending all outstanding litigation between both companies.
Neptune and Aker BioMarine have announced that they have entered into a broad patent cross-licensing agreement, thus ending all outstanding litigation between both companies.
The agreement ends all outstanding litigation, with continued access for Aker to Neptune's composition patents, in consideration of a royalty payment of US$10 million payable over a period of 15 months. Neptune has acquired rights to use Aker's select krill oil-related patent portfolio in consideration of a royalty payment of $US4 million payable over the same 15-month period."We are pleased that through this agreement the integrity of each company's Intellectual Property 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," said 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," said Matts Johansen, CEO, Aker BioMarine.This agreement, the companies said, should create a lasting patent peace, allowing them to focus on growth and business value creation.