Dunn Lambert, LLC
We mean business
Comprehensive legal services for businesses in New Jersey and New York call 201-957-0874
Dunn Lambert, LLC
comprehensive legal services for businesses call 201-957-0874

New Jersey company sells intellectual property rights

For many New Jersey businesses their most valuable assets are intangible. More specifically, these assets include intellectual property rights. Intellectual property rights include patents, copyrights, trademarks and other business concepts. While some of these rights are automatic, others are given by governmental agencies. In each case, the owner of the property right has the exclusive right to profit from their intellectual property for a specific period of time. Depending on the specific intellectual property, these rights can be very valuable if sold.

One company -- Olon, headquartered in Parsippany, New Jersey -- that develops pharmaceutical drugs has recently sold the rights to certain patents to another company. According to reports, Salix Pharmaceuticals purchased the rights to the patent for rifaximin a drug commonly sold under the brand name Xifaxan. Salix also purchased a pending patent application owned by Olon. Each of these drugs helps to prevent and treat gastrointestinal diseases.

While Salix made $202 million in net product revenue during the first quarter of 2013, it is unknown how much they paid Olon for the recent patents.

In this case, Salix purchased the rights from Olon as part of an agreement between the two companies. Therefore, Salix has Olon's permission to use the technology outlined in each of the patents. However, there are times when one company will use the intellectual property of another company without its permission. In these situations, one company is essentially stealing the ideas of another without providing compensation.

In these cases, legal remedies are available. It may be possible for the owner of the intellectual property to get the other company to stop using the protected concepts. It may also be possible for the owner of the intellectual property rights to get compensation for any damage the other company's use of the intellectual property caused.

Source: Triangle Business Journal, "Salix buys IP rights connected to top moneymaker," Jason deBruyn, May 30, 2013

No Comments

Leave a comment
Comment Information

Office Location

google plus

Dunn Lambert, LLC
East 80 Route 4 Suite 170
Paramus, NJ 07652

Paramus Law Office Map

Dunn Lambert, LLC
1745 Broadway, 17th Floor
New York, NY 10019
New York Law Office Map
Phone: 201-957-0874
Fax: 201-291-0140
Telephone: 212-768-0700
Fax: 212-519-9804
Best Lawyers | Best Law Firms | U.S.News & world report | 2016

GET ANSWERS from a firm
with a sense of business.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Review US
Subscribe to This Blog's Feed FindLaw Network