Kolon Life Science Loses to Mitsubishi Tanabe in ICC Lawsuit... Ordered to Pay 43 Billion Won

[Asia Economy Reporter Kim Daehyun] Kolon Life Science announced on the 12th that it must pay approximately 43 billion KRW in damages to the Japanese pharmaceutical company Mitsubishi Tanabe according to the International Chamber of Commerce (ICC) arbitration results.

According to the ICC arbitration, Kolon Life Science must return the technology export contract payment of 2.5 billion yen (approximately 26.4 billion KRW) to Mitsubishi Tanabe and pay 6% interest calculated from December 22, 2016, until the payment date. Additionally, it must pay damages of 133.76 million yen (approximately 1.4 billion KRW) with 5% interest calculated from April 28, 2018, until the payment date. Furthermore, litigation costs of 7.902775 million USD (approximately 8.7 billion KRW) must also be paid.

Previously, Mitsubishi Tanabe filed a lawsuit demanding the return of the contract payment after notifying the cancellation of the technology export contract for the osteoarthritis gene therapy product Invossa-K, which was signed with Kolon Life Science in 2016 for a total of 500 billion KRW.