After two years of bickering, AbbVie (ABBV) and a marketing partner have settled a dispute in which they had accused two competitors of stealing trade secrets that were used to develop a rival product to the best-selling Botox treatment.
The settlement comes after the U.S. International Trade Commission in December decided that imports of the rival medicine, made by Evolus (EOLS) and Daewoong Pharmaceuticals, be halted for 21 months. The ruling was made in response to a complaint filed in 2019 by Allergan, which AbbVie has since acquired, and its partner Medytox.
As part of the settlement, Evolus agreed to pay $35 million over two years, plus undisclosed royalties, in exchange for licenses that will allow it to market its Jeuveau wrinkle-smoothing medication in the U.S. and other countries, according to a filing with the U.S. Securities and Exchange Commission. In addition, Evolus will issue common stock to Medytox, which has a deal to supply AbbVie with a newer wrinkle-smoothing treatment that is being tested.