US firm Igene Biotechnology has announced that it has settled a lawsuit with US agribusiness Archer Daniels Midland (ADM) concerning the alleged theft of a trade secret on a method to alter the colour of farm-raised salmon.

Igene originally filed the lawsuit in 1997, alleging that a former Igene employee gave ADM trade secrets about how to breed farm-raised salmon that have pink colouring similar to wild salmon. ADM countersued, accusing Igene of infringing on its patent.

Igene said in a statement that the settlement "did not result in an unfavourable outcome to Igene," reported Reuters.