Daewoong Pharma’s Nabota: US ITC scraps import ban on botulinum toxin products
Daewoong’s Nabota was banned by the U.S. International Trade Commission late last year. The agency imposed a 21-month import and sale ban on the South Korean company’s botulinum toxin product brand.
The prohibition resulted from the verdict handed down by the ITC regarding Medytox’s 5-year legal battle against Daewoong Pharmaceutical. Apparently, the commission ruled in favor of the Gangnam-gu-based biopharmaceutical company. The two Korean firms are battling in court over the misappropriation of trade secrets complaints.
ITC revokes ban on Daewoong’s Nabota
This week, the US ITC has lifted the restriction on Daewoong’s botulinum toxin products. This means the firm can now resume the sale and import of its Nabota products that is also known as Jeuveau, in the U.S.
The Korea Herald reported that the latest decision would let Evolus, Daewoong Pharma’s partner based in the United States, to start selling Nabota in the region again. In any case, the ban was lifted after Medytox, Evolus, and AbbVie, Allergan’s parent company, agreed to resolve their dispute in February.
As part of the deal, the three corporations will also dissolve all the remaining cases at the ITC, including the sale of Nabota in the U.S. and other countries where Evolus has licensing rights.
How the companies settled the dispute
Moreover, it was revealed that Evolus agreed to pay Medytox and Allergan $35 million that will be paid in a series of lump sums in the span of two years. The Daewoong partner has to pay royalties to Medytox and Allergan based on Nabota’s net sales for 21 months. After this, Evolus will be paying royalties to Medytox alone.
Allergan is also involved in the case of Daewoong because botulinum toxin is the main component in Botox, a type of treatment for wrinkles. Allergan is the company that sells Botox.
Meanwhile, as per Pulse News, Daewoong Pharmaceutical Co.’s shares have increased on Tuesday, May 4. The numbers have jumped by 5.93 percent to close at ₩134,000 or around $119.37. This figure is expected to increase now that Nabota is being allowed to be sold again in the United States further.