Evolus Shares Tumble 40% Premarket After Ruling in ITC Case
July 07 2020 - 9:42AM
Dow Jones News
By Colin Kellaher
Shares of Evolus Inc. fell more than 40% in premarket trading
Tuesday after the company and its partner Daewoong Pharmaceutical
Co. lost an early round in their trade dispute with AbbVie Inc.'s
Allergan and its partner Medytox.
On Monday, Evolus said the administrative law judge overseeing
the U.S. International Trade Commission case brought by Allergan
and Medytox found a violation of the unfair practices section of
the Tariff Act of 1930.
Allergan and Medytox filed the complaint last year seeking to
block U.S. imports of Jeuveau, a rival to Allergan's Botox,
claiming it was developed using stolen manufacturing secrets.
Evolus said it disagrees with the initial determination and that
it will seek a review by the full commission, adding that the ITC's
final determination is targeted for Nov. 6.
Shares of Evolus, which closed Monday at $5.32, were down 41% to
$3.14 in premarket trading Tuesday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
July 07, 2020 09:27 ET (13:27 GMT)
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