Evolus Down 31% on Non-Binding Initial ITC Decision in Allergan Dispute

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)

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