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Neptune, Enzymotec end all patent litigation

Neptune Technologies & Bioressources Inc. and Enzymotec Ltd., along with its unit Enzymotec USA Inc., reached a broad patent cross-licensing agreement, ending all outstanding litigation between the companies.

Under the settlement and licensing agreement, Israel-based Enzymotec will make a one-time payment of about US$1.6 million to Canada-based Neptune. Further, Neptune will extend Enzymotec's worldwide and royalty-free license to its krill-related patents, while Enzymotec will grant Neptune a worldwide and royalty-free license to its krill-related patents.

Ending the legal challenges will allow the parties to promote joint efforts to respect each other's intellectual property and concentrate on the development of the omega-3 krill oil market, according to a news release.