Panama Investigates CK Hutchison’s Port Unit After Court Voids Canal Contracts 
Nintendo Share Sale: MUFG and Bank of Kyoto to Sell Stakes in Strategic Unwinding 
AWS Data Center in UAE Hit by Fire After Objects Strike Facility Amid Regional Tensions 
OpenAI Secures $110 Billion Funding Round at $840 Billion Valuation Ahead of IPO 
Coupang Reports Q4 Loss After Data Breach, Revenue Misses Estimates 
Stock Market Movers: Dell, Block, Duolingo, Zscaler, CoreWeave, Autodesk, Rocket, MARA 
Trump Media Weighs Truth Social Spin-Off Amid $6B Fusion Energy Pivot 
Paramount Skydance to Acquire Warner Bros Discovery in $110 Billion Media Mega-Deal 
Gold Prices Steady in Asia, Set for Strong February Gains on Safe-Haven Demand 
Strait of Hormuz Oil and LNG Shipments Disrupted After U.S.-Israel Strikes on Iran 
Lynas Rare Earths Shares Surge 7% After Malaysia Renews Processing Plant Licence for 10 Years 
Wall Street Futures Tumble as U.S.-Iran Conflict Escalates and Oil Prices Surge 
Venezuela Oil Exports to Reach $2 Billion Under U.S.-Led Supply Agreement 
Dominican Republic Unveils Massive Rare Earth Deposits to Boost High-Tech and Energy Sectors 
Samsung and SK Hynix Shares Hit Record Highs as Nvidia Earnings Boost AI Chip Demand 
Australia Housing Market Hits Record High Despite RBA Rate Hike 
ASX CEO Exit Signals Turbulent Transition Amid Lawsuit and Regulatory Scrutiny 
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.
