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Daewoong Pharmaceutical Receives KRW500.1 Billion Claim From Medy-Tox Over Trade Secret Dispute

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Daewoong Pharmaceutical (KRX:069620) has received a claim amounting to 500.1 billion won from plaintiff Medy-Tox (KOSDAQ:A086900) for a trade secret infringement case, according to a Thursday filing with the Korea Exchange.

The figure is an amended amount after Medy-Tox changed the purport and cause of the claim, although it has not received a final approval from the Seoul High Court.

Medy-Tox sued Daewoong Pharmaceutical in 2017 over a botulinum toxin, or botox, patent, with a court judgment in 2023 ordering a 40 billion won payment from Daewoong Pharmaceutical.

Daewoong Pharmaceutical looks to actively respond to the lawsuit through its legal counsel, according to the filing.

Shares of Daewoong Pharmaceutical and Medy-Tox were down 7% and nearly 3%, respectively, in recent trade.

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