[Monday Newspaper = Reporter Ji-Hoon Tak]Meditox acquires a 16.7% stake in Daewoong Pharmaceutical’s partner Evolus through an agreement on a dispute over a botulinum toxin. Accordingly, Medytox will also receive a settlement amount of $35 million (approximately 38 billion won) in addition to royalties from the sale of botulinum toxin.
According to the Electronic Disclosure System of the Financial Supervisory Service on the 22nd, Medytox is 3rd in the US Allergan, Ebolus, and Meditox to conclude a lawsuit by the US International Trade Commission (ITC) against the sale of Daewoong Pharmaceutical’s botulinum toxin’Nabota’ (US bulletin). Now, they announced that they had agreed.
According to the agreement, Ebolus acquired 676,2642 common stocks for about 53.5 billion won. It was decided to issue to Medytox for $0.00001 per share. Accordingly, Medytox acquired a 16.7% stake in Ebolus, becoming the second largest shareholder.
Evolus is an American partner of Daewoong Pharmaceutical, which has overseas copyright of Daewoong Pharmaceutical’s botulinum toxin’Nabota’.
With a three-party agreement, Ebolus can be sold in the United States, eliminating the risk of a ban on imports of Nabota. Earlier, the ITC ruled Nabota’s 21-month ban on imports in the United States.
Evolus pays $35 million (about 38 billion won) to Allergan and Medytox over two years in exchange for the agreement. In addition, ordinary technology usage fees (royalties) according to Nabota sales must be paid to both companies.
“Meditox and Allergan have granted Ebolus a license to manufacture and commercialize certain botulinum neurotoxin products in the United States for 21 months,” Medytox said.
“The parties to the agreement agreed not to make any specific claims that could be made between the parties (including affiliates), including filing an application for withdrawal of the International Trade Commission’s (ITC) import ban order. However, Daewoong Pharmaceutical is not a party to the agreement. “He added.