Daewoong Pharmaceutical announced Friday that it had signed a 180 billion won ($135 million) botulinum toxin export contract, marking the largest deal it has ever secured in the Latin American market.
The company inked a five-year export contract for Nabota with its Brazilian partner, Moksha8 Pharmaceuticals, marking a tenfold increase from their 2018 deal worth 18 billion won.
Brazil is the world’s third-largest medical aesthetics market, following the United States and China, and is also known as the leading country in Latin America for botulinum toxin sales.
According to market research firm Mordor Intelligence, the Brazilian botulinum toxin market has been growing steadily at an annual rate of 9.7 percent. This year, it is expected to reach some $228 million.
Moksha8 Pharmaceuticals plans to strengthen its presence in Brazil with the Nabota 200-unit product, a high-dose version that obtained approval last month. Daewoong Pharmaceutical expects that the product's launch will broaden customer options for large hospitals and clinics with a high patient volume, as they favor high-dose products.
Meanwhile, the company aims to leverage its success in Brazil to strengthen Nabota’s brand recognition across Latin America. The company’s botulinum toxin has already made successful inroads into major South American markets such as Argentina, Chile and Peru. Globally, Nabota has received product approval in 69 countries and established partnerships in over 80 countries.
Nabota is a premium botulinum toxin manufactured using Korea and US-patented Hi-Pure Technology, and a vacuum-drying process, ensuring a high purity of over 98 percent. It delivers fast and precise effects while minimizing the occurrence of inactive toxins that could cause resistance.
"The contract demonstrates Nabota’s global competitiveness in the botulinum toxin market," said Yoon Joon-soo, head of Daewoong Pharmaceutical’s Nabota Business Division. “We will further expand our presence in Brazil while actively targeting key Latin American markets such as Argentina, Chile and Peru.”
By Kim Hae-yeon (hykim@heraldcorp.com)
