Biotech company Amyris will pay its former business partner, cannabinoid manufacturer Lavvan, $15.1 million as part of a settlement agreement that ends years of litigation.
A bankruptcy judge in Delaware approved California-based Amyris’ settlement offer stemming from Lavvan’s 2020 lawsuit alleging misappropriation of trade secrets and patent infringement, according to Law360.
New York-based Lavvan specifically accused Amyris of stealing secrets to synthetic cannabinoids such as CBG.
The two companies entered into a research, collaboration and license agreement in March 2019.
Lavvan contended in its lawsuit that Amyris broke the terms of the deal, leaving no other recourse but litigation.
Amyris, which formerly traded on the Nasdaq stock exchange as AMRS, filed for Chapter 11 bankruptcy in August, Reuters reported.
At the time, the company listed assets in the range of $500 million to $1 billion and liabilities between $1 billion to $10 billion.
