Neptune Technologies & Bioressources Inc. and Aker BioMarine Antarctic AS have announced the conclusion of an agreement whereby Aker BioMarine acquired Neptune’s krill oil inventory and IP for $34 million.

“This transaction marks an important step in Neptune’s next phase of development," said Jim Hamilton, President and CEO of Neptune. "Neptune believes strongly in the health benefits that krill oil provides and will remain actively involved in this sector via our investment in Acasti Pharma Inc. and also through finished form soft gel capsules from our Solutions Business."

“Neptune has made a strategic decision to withdraw as a bulk krill oil supplier, while Aker BioMarine wants to increase investment in the category, so this agreement is a perfect fit for both parties," added Matts Johansen, CEO of Aker BioMarine. "This acquisition will allow us to increase investments in science and product innovation, sustainable krill-harvesting practices, and marketing support for our customers, which in turn will build excitement and accelerate growth in the omega-3 market. Neptune’s customers and products will be integrated into Aker BioMarine, including Neptune’s popular NKO™ brand. These customers will continue to receive the products they are used to and at the same time benefit from the additional products and support Aker BioMarine will offer to drive growth in the omega-3 market."

Earlier this year, Aker BioMarine kicked off the Omega-3 Index Project to bring more awareness to the health risks of low omega-3 levels.

“The marriage of these two brands is significant for the krill oil business. We have only just scratched the surface of the potential of krill oil and look forward to bringing NKO into our brand portfolio that we spent a decade building,” Johansen added.