Parry and LycoRed have reached a settlement in the matter of Civil Action No. 12-1695-WHW-CLW, in which LycoRed filed a suit against EID Parry (India) Limited, Parry Phytoremedies Pvt. Ltd., and US Nutraceuticals LLC in March 2012 alleging patent infringement of US Patents No. 6,515,018, 5,837,311 and 5,965,183 regarding tomato lycopene products and related manufacturing processes.
As part of the terms of the confidential settlement, Parry is withdrawing its requests for Inter Partes Review in the Patent Office. Parry acknowledges the validity of and agrees not to challenge LycoRed’s asserted patents. The district court litigation has been dismissed.
Sajiv Menon, business head of Parry stated “This settlement allows Parry to continue to offer lycopene products as part of its portfolio of quality ingredient sourcing alternatives to U.S. companies in the field of nutraceuticals for use in dietary supplements, functional foods, beverages and nutricosmeticals. Parry's product portfolio includes Organic Spirulina, natural carotenoids such as lycopene, lutein, astaxanthin and beta-carotene and functional ingredients, produced at its world class manufacturing facilities located in India.” Parry had previously withdrawn its lycopene products from the U.S. market, but will be offering lycopene products for sale in the U.S. following the settlement.