Evolus Shares Surge After Settling Jeuveau Related Litigation With AbbVie, Medytox

Evolus Inc (NASDAQ: EOLS), AbbVie Inc (NYSE: ABBV), and Medytox announced settlement agreements to fully resolve all outstanding litigation, including the United States International Trade Commission (ITC) case regarding the sale of Jeuveau. It is a prescription medicine injected into muscles and used in adults temporarily to improve the look of moderate to severe frown lines between the eyebrows (glabellar lines).
A California court case filed by Medytox against Evolus will be dismissed.
Under the terms of the settlement agreements, AbbVie and Medytox will release all claims against Evolus related to the alleged misappropriation of Medytox's trade secrets and grant a license to Evolus to continue to commercialize Jeuveau in the U.S. and Nuceiva.
AbbVie and Medytox will receive milestone and royalty payments from Evolus. Besides, Evolus will issue common stock to Medytox.
Price Action: EOLS gained sharply by 45.3% at $10.05, while ABBV is down 0.53% at $105.5 in market trading hours on last check Friday.