Enzymotec Ltd., a developer, manufacturer and marketer of innovative bio-functional lipid ingredients, announced that it signed a term sheet on Dec. 16, 2013, with Neptune Technologies & Bioressources Inc. and Acasti Pharma Inc. memorializing the terms of a settlement among the parties. The term sheet is confidential and the settlement is subject to negotiation and execution of a final written settlement agreement. The ongoing U.S. International Trade Commission investigation brought against Enzymotec by Neptune and Acasti has been stayed.
"We are very pleased with the terms of the settlement, and are happy that we were able to execute our strategy of waiting to settle until the time was right," said Enzymotec's President and CEO Dr. Ariel Katz. "The terms of the settlement are not expected to have a material impact on Enzymotec's results of operations and financial position, taking into consideration the legal expenses that will be saved by this settlement. We look forward to working alongside Neptune to further grow the rapidly expanding krill market."