RedHill Biopharma wins $10 million court judgment on appeal

RedHill Biopharma Ltd. (NASDAQ: RDHL) announced that the New York Supreme Court upheld its summary judgment ruling against Kukbo Co. Ltd. on appeal, awarding the biopharmaceutical company approximately $10 million.

The court dismissed Kukbo's defense and ruled that the South Korean company breached both the original subscription agreement and subsequent exclusive license agreements with RedHill. The court determined that RedHill fulfilled its contractual obligations despite Kukbo's breach.

The total award comprises $8.25 million from the original judgment and $1.82 million for legal costs and expenses, including 9% statutory interest that continues to accrue. Kukbo retains the right to further appeal the court's decision.

RedHill also secured an attachment grant from Korea's Incheon District Court against Kukbo, which provides a court-ordered seizure of the company's assets to prevent disposal before judgment enforcement.

The Raleigh, North Carolina and Tel Aviv-based company focuses on developing and commercializing treatments for gastrointestinal diseases, infectious diseases and oncology. RedHill currently markets Talicia, an FDA-approved treatment for Helicobacter pylori infection in adults.

The company's clinical development pipeline includes opaganib for multiple indications including COVID-19 and prostate cancer, RHB-204 for Crohn's disease and pulmonary nontuberculous mycobacteria disease, and RHB-107 for COVID-19 treatment.

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