Benzinga | Feb 19, 2021 10:42AM EST

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.