According to the Korea Exchange on that day, Medytox’s stock price soared to 19,600 won, the price limit (30%), and ended the deal immediately after opening. On this day, foreign investors and institutional investors net bought Medytox stocks of nearly 3 billion won, leading the stock price to rise. Daewoong Pharmaceutical also closed the deal at 155,000 won, up 14.3% from the previous trading day. The reason why the stock price rose sharply on this day is attributed to higher earnings expectations as the parties reached an agreement over the use of botulinum toxin drug technology. According to F&Guide, Medytox, which recorded an operating loss of 9.9 billion won in the first quarter of last year, is expected to generate an operating profit of 5.2 billion won in the first quarter of this year.
Previously, ITC banned sales in the United States for 21 months, saying that Daewoong Pharmaceutical’s botulinum toxin product’Nabota’ had stolen Medytox manufacturing technology. On the 20th (local time), Daewoong Pharmaceutical’s U.S. partner Evolus announced that it had signed a three-party contract with Medytox and Allergan (Meditox’s U.S. partner) to agree on an intellectual property lawsuit over strain theft. At the same time, Medytox announced on the day that it will acquire 16.7% of shares issued by Ebolus, becoming the second largest shareholder. Hana Financial Investment Research Institute Min-Jung Seon predicted, “We will use our position as the second largest shareholder of Ebolus to sell toxin products in the US and European markets.”
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