RedHill Biopharma secures Kukbo asset freeze after $8.25M favorable court ruling

RedHill Biopharma (RDHL) won its attachment petition to the Court in South Korea on Kukbo’s assets, following the approximately $8.25M plus legal fees and costs summary judgment ruling in RedHill’s favor by the New York Supreme Court. An attachment petition in South Korea refers to a court-ordered seizure of a debtor’s assets to secure a claim before or during a lawsuit, designed to prevent the debtor from disposing of assets before the creditor can enforce a judgment. RedHill’s approximately $8.25M summary judgment win includes approximately $1.75M in accrued interest at 9%, emanating from Kukbo’s failure to pay RedHill according to the terms of subscription and licensing agreements signed by the two companies in October 2021 and March 2022, respectively. Additionally, a motion has been filed to recover legal fees and costs. Kukbo has a right to seek an appeal of the judgment, and on December 4, 2024, filed a notice of appeal, upon which they may or may not choose to act. Kukbo has six months from filing of the notice, until June 4, 2025, to perfect its appeal, subject to potential extension.