Medytox Acquires 16.7% Stake in Evolus, Daewoong Pharmaceutical's US Partner
[Asia Economy Reporter Minwoo Lee] Medytox announced on the 22nd that it acquired a 16.7% stake in Evolus, Daewoong Pharmaceutical's US partner, for approximately 53.5 billion KRW, becoming the second largest shareholder.
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This transaction was made as the two companies reached a settlement in the botulinum toxin (Botox) technology infringement lawsuit. Previously, the US International Trade Commission (ITC) banned the sale of Daewoong Pharmaceutical's Botox product 'Nabota' in the US for 21 months, ruling that it had infringed on Medytox's manufacturing technology. Subsequently, Medytox and its US partner Allergan agreed on the 19th to receive a settlement payment of about 38 billion KRW and royalties based on sales from Evolus, allowing the resumption of Nabota sales in the US.
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