[Featured Stock] Hugel Plummets on ITC Lawsuit News Over Medytox Botox Infringement

[Asia Economy Reporter Ji Yeon-jin] Hugel is plummeting on the 1st following news that it filed a complaint with the U.S. International Trade Commission (ITC) alleging that Medytox stole its botulinum strain and manufacturing process. Meanwhile, Medytox is showing strength.

As of 10:35 a.m. on the same day, Hugel was trading at 123,100 KRW, down 11.50% (16,000 KRW) from the previous day. At the same time, Medytox recorded 139,500 KRW, up 6.49% (8,500 KRW) from the previous day.

Medytox announced that it filed a complaint with the ITC against Hugel, Hugel America, and Chromapharma, alleging that Hugel stole its strain and manufacturing process. Chromapharma is Hugel’s business partner in the U.S. and Europe, and Hugel America is a U.S. subsidiary jointly established by Hugel and Chromapharma.

In the complaint, Medytox explained, "Hugel developed and produced botulinum toxin products by stealing our botulinum strain and manufacturing process trade secrets, and is attempting to export these pharmaceuticals to the U.S." It also argued, "The ITC should launch an investigation into Hugel’s illegal activities and issue an import ban order on the relevant botulinum toxin products." It requested a sales ban order and suspension of marketing and advertising for Hugel products already imported into the U.S.

This content was produced with the assistance of AI translation services.