RedHill Biopharma, a speciality biopharmaceutical company, announces that the New York Supreme Court has awarded RedHill approximately $1.82 million in legal costs and expenses (including interest) in its action against Kukbo.
The award follows, and is in addition to, the New York Supreme Court's prior summary judgment award of approximately $8.25 million (including interest) in favour of RedHill.
A 9% ongoing statutory interest accrual applies to both the original summary judgment and the award of legal costs and expenses.
RedHill also succeeded in its application to Korea's Incheon District Court for an attachment grant against Kukbo.
This provides a court-ordered seizure of Kukbo's assets, preventing their disposal before judgment enforcement.
Kukbo appealed the summary judgment decision on 4 December 2024 and the parties have since completed briefing on that appeal with oral argument tentatively scheduled for the September term.
Kukbo also has a right to seek an appeal of the award of legal costs and expenses.