Evolus Down 31% on Non-Binding Initial ITC Decision in Allergan Dispute
July 07 2020 - 2:10PM
Dow Jones News
By Josh Beckerman
Evolus Inc. shares fell 31% to $3.65 following a non-binding
initial decision against the company in a U.S. International Trade
Commission dispute concerning Botox rival Jeuveau.
Botox maker Allergan, which is now a unit of AbbVie Inc., and
Medy-Tox Inc. filed a complaint in January 2019 against Evolus and
Daewoong Pharmaceutical Co.
Evolus said Monday that "we strongly disagree with the initial
determination and we look forward to the full Commission's Final
Determination" targeted for Nov. 6, and said it will petition the
ITC to review the initial determination.
Evolus also said Daewoong will invest $40 million in the
company, strengthening its balance sheet.
Mizuho, SunTrust Robinson Humphrey and HC Wainwright & Co.
lowered their Evolus price targets.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
July 07, 2020 14:55 ET (18:55 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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