Aker BioMarine AS and its subsidiaries Aker BioMarine Antarctic AS and Aker BioMarine Antarctic US (Collectively AKBM) and Neptune Technologies & Bioressources Inc. and Acasti Pharma Inc., a Neptune subsidiary, collectively jointly announce a settlement and license agreement that will result in the dismissal of all AKBM respondents from the ongoing ITC investigation brought by Neptune and Acasti, as well as the dismissal of all current lawsuits brought by Neptune against AKBM and companies in its value chain.
As part of the settlement, Neptune granted a world-wide, non-exclusive, royalty-bearing license to AKBM, allowing AKBM to market and sell its nutraceutical products in the patented countries. Under the terms of the settlement, royalty levels are dependent on the outcome of the pendinginter partes review proceedings before the U.S. Patent and Trademark Office (USPTO) regarding Neptune's '351 composition of matter patent (No. 8,278,351). AKBM also agreed to pay Neptune an additional non-refundable one-time payment for the manufacture and sale of krill products prior to the effective USPTO decision date. The financial terms of the license are confidential between the parties.
"Neptune's intellectual property is an integral part of shareholder value creation and today's announcement is an important milestone for Neptune and the industry," said Mr. Henri Harland, president and CEO of Neptune and Acasti. "Recognition of a company's intellectual property, promotes a spirit of cooperation amongst industry members. We look forward to working together with Aker BioMarine to further develop the fast-growing krill industry."
Aker BioMarine's CEO Hallvard Muri added: "We are content to have contained all current patent conflicts with Neptune within the framework of a license securing our customers the ability to operate in the US and other licensed countries."