ITC again puts off final ruling on botox dispute between Medytox, Daewoong

2020.11.20 11:49:50

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The U.S. International Trade Commission (ITC) again postponed its final ruling on a dispute over the originality of a botulinum toxin strain between South Korean drugmakers Medytox Inc. and Daewoong Pharmaceutical Co., according to its website announcement on Friday.

The final verdict was initially scheduled to be delivered on Nov. 16 and then rescheduled to Nov. 19. But there was no explanation on the ITC website on why the verdict was postponed again.

The two Korean companies have been in legal limbo in Korea and the United States over the past five years, and the ITC ruling is expected to determine their fate for the wrinkle treatment product market in the U.S., where Daewoong Pharm’s botox product Nabota is already distributed by its local partner Evolus under the brand of Jeuveau.

In January 2019, Medytox and its U.S. partner Allergan filed a complaint with the ITC, alleging that Daewoong Pharm stole trade secrets related to a botox strain. Medytox also claimed that its former employee had handed over trade secrets on botox manufacturing process to Daewoong Pharm.

Daewoong Pharm refutes the argument, saying its botox product has its own indigenous strain and its product sale was approved by the U.S. Food and Drug Administration in February 2019.

In July, the ITC ruled in its preliminary verdict that Daewoong Pharm developed its botox products by using stolen trade secrets from Medytox, recommending a 10-year import ban. But Daewoong Pharm immediately appealed the preliminary ruling.

Medytox shares plunged 12.9 percent at 219,200 won ($196.66) at 11:43 a.m. on Friday in Seoul trading while Daewoong Pharm’s shares were trading 0.9 percent higher at 96,600 won.

By Pulse

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