The legal dispute between Aqua Bio Technology and Restorsea over the breach of a business contract has ended with both companies hoping to move on.
After Restorsea filed a complaint in a New York court in February, claiming violation of its exclusivity rights for ABT's skin care ingredient Aquabeautine XL, the European firm has released a statement claiming the dispute has been resolved and that parties have agreed to continue and strengthen their relationship.
Restorsea has now agreed to withdraw the complaint and the legal proceedings have been irrevocably settled.
And the fall-out to this whole situation? An amended supply, license, and exclusivity agreement has been signed to strengthen the partnership between the two companies involved.
Under this agreement, all financial elements remain unchanged and both parties will cover their own expenses related to the complaint filed.
The new agreement will also grant Restorsea exclusivity rights not just for Aquabeautine XL, but also for the ABT ingredients Dermaclarine and Beauty Propelline, as well as rights for non-medical uses to any future ingredients that may be developed from fish hatching fluids and certain future ingredients that may be developed from the hatching fluids of other animals.
Further sales of these ingredients by ABT to other customers have been terminated.
In a joint comment on the new agreement, ABT's Chairman John Afseth and Restorsea's Chairman Muneer Satter, said: "We are extremely pleased that we have been able to settle our disagreement in such a positive way.”
“Both companies look forward to further expanding the commercial success of Restorsea and ABT's hatching fluid technology together in a more extensive partnership."
ABT and Restorsea first teamed up two years ago when the two secured an agreement granting US-based Restorsea certain global and channel exclusivity for the use of Aquabeautine XL in its new line of skin care products.
Aquabeautine XL is a patented protein solution derived from the hatching water of salmon roe or ‘red caviar’ as it is otherwise known. It is often used in skin care and anti-ageing applications.