RedHill Biopharma (RDHL) has successfully secured a judgment amounting to approximately $8 million, in addition to costs, following a summary judgment by the Supreme Court of the State of New York, New York County. This legal victory arises from proceedings against Kukbo Co., which stemmed from Kukbo's failure to fulfill payment obligations stipulated in a Subscription Agreement dated October 25, 2021, and a subsequent Exclusive License Agreement dated March 14, 2022.
Kukbo retains the right to challenge this ruling through an appeal. Meanwhile, RedHill intends to actively seek recovery of its legal fees and enforce the collection of the awarded judgment.
