Investing.com - Evolus was higher in midday trading after it received regulatory approval for a cheaper version of Botox, just days after rival Allergan (NYSE:AGN) claimed the company stole trade secrets.
Evolus (NASDAQ:EOLS) jumped more than 18% after the U.S. Food & Drug Administrations approved the treatment on Friday, which is expected to be 20% to 25% cheaper than Botox.
Allergan and partner Medytox, who make Botox, are hoping to block U.S. imports of the Evolus product. They filed a complaint with the U.S. International Trade Commission on Wednesday accusing Evolus of developing its wrinkle treatment using stolen manufacturing secrets from a former employee.
Allergan was down 3.3%. Elsewhere in the sector, Alexion Pharmaceuticals (NASDAQ:ALXN) fell 2.5% and Regeneron Pharmaceuticals (NASDAQ:REGN) slipped 1.6%. The S&P Pharmaceuticals Select Industry ETF inched down 0.18%.