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.
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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.
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Amyris, which formerly traded on the Nasdaq stock exchange as AMRS, filed for Chapter 11
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