[Special Stock] Meditox Hits Upper Limit... Botox Lawsuit Settlement
[Asia Economy Reporter Hwang Junho] Medytox soared to the upper limit after reaching a settlement with the US company Evolus, which was also involved in the botulinum toxin (Botox) litigation with Daewoong Pharmaceutical.
As of 9:22 AM on the 22nd, Medytox is trading at 197,600 KRW, hitting the price ceiling compared to the previous trading day on the KOSDAQ market.
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On the 19th, local time in the US, Medytox reached a settlement with Allergan (now AbbVie) and Evolus. Evolus was Daewoong Pharmaceutical's partner holding exclusive sales rights for Nabota (Daewoong Pharmaceutical's botulinum toxin product name) worldwide except for Korea. However, the US International Trade Commission (ITC) ruled in December last year that Daewoong Pharmaceutical infringed on Medytox's botulinum strain trade secrets and issued a 21-month import ban. Consequently, Evolus, Daewoong Pharmaceutical's partner, was also unable to sell Nabota.
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