[단독] Evolus pays Meditox royalties for 11 years and 9 months

Ebolus, which distributes and sells Daewoong Pharmaceutical’s Botox product Nabota (U.S. Jubo) in the United States, pays royalties to Medytox for 11 years and 9 months while the dispute over the theft of the botulinum toxin drug (also known as Botox) strain has ended. It was confirmed on the 24th.

According to Evolus’ 4Q earnings data released on its website on the 23rd, Evolus was a seller of Medytox’s US partner AbbVie (formerly Allergan) 21 months before the final decision of the US International Trade Commission (ITC) in December last year. ) And Meditox jointly paid the settlement amount (38 billion won) and royalties, and for the next 10 years, it was officially stated that the single-digit royalties were paid only to Meditox.

In this regard, a Meditox official said, “It was a private matter, so we could not comment, but the contents disclosed by Ebolus are true.”

According to Ebolus, the company’s 2020 sales will reach $56.5 million. It is an increase of about 62% compared to $35 million in 2019, and sales volume is expected to increase further when Nabota sales resume in the US after the three-way agreement (Evolus, Meditox, Aviv) on the 21st.

Based on the market sales consensus for Ebolus before the three-party agreement, Evolus was worth $121 million this year (about 1345 billion won), $211 million in 2022, $267 million in 2023, and 322 million months in 2024. Russia, it was expected to increase steadily to $351 million in 2025. Wells Fargo, a major US bank, also expected a continuous increase in sales from $76 million this year to $273 million in 2025 before the trilateral agreement.

Since this is an estimate before the three-party agreement, it is highly likely that Ebolus’ actual sales will increase further along with the resumption of Nabota sales. That means that the amount of royalties to be paid will increase.

An industry insider said, “In the first place, domestic analysts expected to receive royalties for at least 7 years,” and said, “As we received royalties for a longer period of 11 years and 9 months, the return to Meditox is expected to exceed 300 billion won.” As such, the financial structure of Medytox is expected to stabilize rapidly.

Meanwhile, due to the last three-party agreement, Medytox became the second largest shareholder of Ebolus. This is because, in addition to settlement funds and royalties, there are 676,2652 shares of new shares issued by Ebolus and provided to Medytox. Medytox will receive 15.5% of its total shares for just $67.62 (about 75,000 won), which is nothing but free. According to the Securities and Exchange Commission of the United States, Evolus’s largest shareholders are the parent company Straspicrown and its subsidiary Aeon.

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