Medytox said on the 30th that it will end the international arbitration underway at the Singapore International Arbitration Centre with its Chinese partner Zentix. The two companies will terminate the international arbitration within 10 days from the date of the agreement without monetary compensation.
Medytox established a China joint venture (JV), MedyBloom, with Bloomage Biotechnology in 2015. Zentix, a subsidiary of Bloomage Biotechnology, filed a lawsuit in Jan. 2023 seeking termination of the China JV contract and damages.
Medytox and Zentix signed a memorandum of understanding for mutual cooperation going forward.
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