Medytox is set to pocket over 77 billion won ($57.7 million) in profits from the strategic sale of its shares in U.S.-based Evolus, demonstrating a savvy investment that has yielded impressive returns in less than four years.

On Thursday, Medytox's board of directors approved the sale of half its remaining stake in Evolus, amounting to 1,690,663 shares, for approximately 36.7 billion won. The transaction is scheduled to complete by March 31, 2025, after which Medytox will retain a 2.68 percent stake in Evolus.

This sale marks the third instance of Medytox divesting its Evolus shares since Feb. 2023. If the company finalizes the transaction, the company’s total proceeds will reach about 77 billion won. Notably, considering that Medytox's initial investment in Evolus shares was only about 9 billion won, the company has made a substantial profit of approximately 68 billion won in less than four years.

The relationship between Medytox and Evolus stems from a complex legal dispute involving Daewoong Pharmaceutical, Evolus's U.S. partner for the botulinum toxin product Jeuveau (known as Nabota in Korea). Medytox had accused Daewoong of illegally obtaining botulinum toxin strains, leading to a case before the U.S. International Trade Commission (ITC) in 2019.

Following an ITC decision to ban Jeuveau imports for 21 months, a tripartite agreement between Medytox, Allergan, and Evolus led to the withdrawal of the ruling. As part of this settlement, Medytox acquired a significant stake in Evolus and became its largest shareholder.

Medytox stated that the proceeds from these stock sales will be directed towards its global expansion efforts, particularly for its innovative non-animal liquid toxin formulation, MT10109L. The company has already established Luvantas, a U.S. subsidiary, to facilitate FDA approval processes and is simultaneously pursuing product registration in Japan.