[Photo provided by Huons Co.]
South Korea’s beauty and healthcare product maker Huons Co. said on Thursday that it has signed a combined 119.8 billion won ($110.6 million) deal with leading aesthetic companies in Brazil and Iran to export its botulinum toxin Hutox with hopes to expand its global presence.
Huons - a unit under medical solutions provider Huons Global Co. - will export 107.6 billion won worth of Hutox to Brazil and 12.2 billion won to Iran.
The feat comes after Huons signed a 56.7 billion won deal with Spain’s cosmetic dermatology product manufacturer Sesderma S.L. in April to export Hutox to major European countries over the next seven years. The latest deal has allowed Huons to expand its export market to the Middle East and South America.
Shares of Kosdaq-listed Huons finished Thursday 0.4 percent lower at 92,000 won.
Huons, which plans to launch Hutox in Korea in the first half of next year, will conduct clinical trials in Europe, Brazil, and Iran to receive marketing approval to gradually advance into the overseas markets starting 2021. Huons also plans to seek partnerships with leading aesthetic companies in Central and South America including Mexico, Paraguay, and Peru.
Sales of Hutox reached 14.8 billion won last year after Korea’s Ministry of Food and Drug Safety approved exports in October, 2016.
Hutox manufacturer Huons Global, meanwhile, is expected to complete construction of its second manufacturing plant in the second half of this year to meet growing demand for the botulinum toxin in overseas markets. The new plant has the capacity to produce 5 million vials annually, which is five times more than its first facility in Jecheon, North Chungcheong Province.
By Shin Chan-ok and Lee Eun-joo
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]