RedHill Biopharma wins New York Supreme Court appeal

RedHill Biopharma (RDHL) announced that The New York Supreme Court has, on appeal, upheld its original summary judgment ruling and award in favor of RedHill, unequivocally dismissing, once again, the entirety of Kukbo Co. Ltd’s defense, ruling that Kukbo was in breach of both the original subscription agreement and subsequent exclusive license agreements with the company. In making its appeal judgment, the New York Supreme Court clearly stated that RedHill had properly fulfilled its obligations according to the Agreements, even after Kukbo’s non-payment breach. RedHill has been granted approximately $10M in total awards from related court actions, comprised of the $8.25M original award and a subsequent $1.82M award for legal costs and expenses. Kukbo has the right to further appeal the Court’s ruling. In addition, to the New York Supreme Court case, RedHill recently won an attachment grant against Kukbo, from Korea’s Incheon District Court, providing a court-ordered seizure of Kukbo’s assets, preventing their disposal prior to judgment enforcement.