Evolus (EOLS): (Revised)—EOLS settles ITC case with ABB...

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DewDiligence

Re: DewDiligence post# 166

Friday, 02/19/2021 11:56:12 AM

Friday, February 19, 2021 11:56:12 AM

(Revised)—EOLS settles ITC case with ABBV for undisclosed milestone payments and royalties on Jeuveau sales payable by EOLS to ABBV and Medytox:

https://finance.yahoo.com/news/abbvie-evolus-medytox-announce-resolution-141500404.html

The settlement includes only the US ITC case against EOLS brought by ABBV/(Allergan)/Medytox—not the lawsuit in Korea where Medytox alleges that EOLS’s drug supplier, Daewoong, stole trade secrets.

As a result of today’s settlement, EOLS can continue to import Korean-made Jeuveau for sale in the US market. However, EOLS has not been selling much Jeuveau—only $17.7M in 3Q20—so this settlement probably won’t have much of an effect on the US botulinum-toxin market. (EOLS has not yet reported 4Q20 financial results.)

EOLS is +74% on today’s news, but still trading well below its $15 IPO price.

[A prior version of this post incorrectly stated that the settlement applied to both the ITC case and the Korean lawsuit.]

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