AbbVie (ABBV), Evolus (EOLS), and Medytox Announce Resolution of Intellectual Property Litigation
- Futures dip after S&P 500, Dow hit record closing highs
- Bitcoin (BTC) Price Fell 20% Off the Highs Over the Weekend as Markets Got 'Too Excited' About Coinbase (COIN), Says Mike Novogratz
- UK to Intervene on National Security Grounds on NVIDIA (NVDA) and Arm Deal
- GameStop (GME) announces George Sherman will be stepping down as CEO
- Dollar slumps to 6-week low, Bitcoin steadies after weekend drop
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
AbbVie (NYSE: ABBV), Evolus (NASDAQ: EOLS) and Medytox announce settlement agreements to fully resolve all outstanding litigation, including the United States International Trade Commission (ITC) case regarding the sale of Jeuveau®, between the companies. A California court case filed by Medytox against Evolus will be dismissed.
Under the terms of the settlement agreements, AbbVie and Medytox will release all claims against Evolus related to the alleged misappropriation of Medytox's trade secrets and grant a license to Evolus to continue to commercialize Jeuveau® in the United States and Nuceiva™ in all other territories in which Evolus has licensing rights. AbbVie and Medytox will receive milestone and royalty payments from Evolus. In addition, Evolus will issue common stock to Medytox.
This agreement follows the final determination of the ITC on December 16, 2020 which found a misappropriation of Medytox's manufacturing trade secrets and strain of C. botulinum and concluded that a violation of Section 337 of the Tariff Act of 1930 had occurred. As Daewoong Pharmaceutical Co. Ltd. is not a party to the settlement agreements, this settlement does not affect any legal rights, positions, or proceedings between Medytox and Daewoong in Korea and other countries.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Anixa Biosciences (ANIX) and Moffitt Cancer Center Report US FDA Request of Additional Information for CAR-T Therapy
- Marlin Business Services (MRLN) to Be Acquired by Funds Managed By HPS Investment Partners for $23.50/share
- Cellect Biotechnology (APOP) Announces Positive Data from Phase 1/2 Clinical Trial ApoGraft Technology in Israel
Create E-mail Alert Related CategoriesCorporate News, FDA, Hot Corp. News, Litigation, Trading Halts
Related EntitiesTwitter, FDA
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!