Medytox to sell shares of Daewoong Pharm’s U.S. partner Evolus

[Courtesy of Medytox]

South Korea’s botulinum toxin maker Medytox Inc. Wednesday said that it will sell about 2.19 million shares of Evolus Inc., a U.S. partner of Daewoong Pharmaceutical Co., for 23.2 billion won ($18.44 million).

A Medytox official said the stake sale aims to improve management efficiency. The company has been the largest shareholder of Evolus, but after the sale, it will become the third-largest shareholder with a 9.13 percent stake, or 5.07 million shares.

Evolus sells Daewoong Pharmaceutical’s botulinum toxin product Nabota in the U.S.

In 2021, Medytox agreed to drop all lawsuits, including the International Trade Commission case, against Daewoong Pharmaceutical in exchange for settlement money and royalties from Evolus. Evolus provided the settlement money by issuing its common shares to Medytox at par value.