Medytox to sell off 2.2 mn shares of Daewoong's American partner Evolus

Medytox Inc. said in a regulatory filing on Wednesday that it is selling off approximately 2.19 million shares of Evolus, Daewoong Pharmaceutical's US partner, for 23.2 billion won ($18.5 million).

Medytox has been the largest shareholder of Evolus, but once the disposal is completed, it will move down as the third-largest shareholder with 5 million shares (9.1% stake).

Evolus is a local partner that sells Daewoong Pharmaceutical's botulinum toxin drug Nabota in the United States.

Medytox reached an agreement with Evolus in early 2021, at the end of the US International Trade Commission lawsuit against Daewoong Pharmaceutical surrounding the sale of Nabota.

At the time, Evolus issued its common stock and provided it to Medytox at face value while providing the settlement money.

"The sale of our stake is intended to improve management efficiency," said a Medytox official.

Write to Jae-Young Han at jyhan@hankyung.com