[Photo by Daewoong Pharmaceutical Co.]
South Korean drugmaker Daewoong Pharmaceutical Co. can resume its botulinum toxin product Nabota in the U.S. market after the U.S. International Trade Commission (ITC) has withdrawn its import ban upon taking up Medytox Inc.’s request as part of a three-party settlement agreement among Medytox, its U.S. partner Allergan and Daewoong’s U.S. partner Evolus.
Daewoong Pharmaceutical shares jumped 5.93 percent to close at 134,000 won ($119.37) on Tuesday.
Daewoong asked the ITC to nullify the previous ruling finding it guilty of infringing on Medytox’ botox manufacturing trade secret while handing its agreement to the settlement. The ITC complied with the request from the three companies to withdraw the ban order but rejected Daewoong’s request for nullification of the ITC’s final ruling.
Medytox plans to use evidence related to the ITC’s final ruling in domestic civil suits against Daewoong.
In February 2019, Allergan and Medytox filed a lawsuit against Daewoong and Evolus, claiming that Nabota (traded as Jeuveau in the U.S.) was developed using a stolen trade secret from Medytox for a manufacturing method to turn the deadly botulinum toxin into a wrinkle treatment. In December last year, the ITC upheld a judge’s finding that Evolus and Daewoong manufactured Nabota with a stolen secret process, imposing a 21-month ban on imports and selling of Nabota in the U.S.
Later Medytox reached a three-party agreement with Allergan and Evolus and became a second majority shareholder of Evolus with stock purchasing. Evolus also agreed to pay settlement money and royalties from Nabota sales to Medytox and Allergan.
By Chung Ji-sung and Minu Kim
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]