[BioS]Daewoong Pharmaceutical strengthens partnership with Ebolus “Expanding global sales channels”

On the 24th, Daewoong Pharmaceutical announced that it has decided to strengthen its partnership with Evolus, a partner company of botulinum toxin.

Daewoong Pharm converted all the convertible notes invested $40 million into common stocks and paid an additional $25.5 million to Ebolus to reinforce the base of the botulinum toxin business through Ebolus and promote global sales. do. At the same time, Daewoong Pharmaceutical is planning to provide Evolus with a certain percentage of the net sales volume of the botulinum toxin formulation’Jeuveau (Nabota’s US product name)’ in the US for a certain period of time.

Evolus decided to continue investing to accelerate the growth of the toxin business based on the additional funds it secured. In addition, Daewoong Pharmaceutical and Evolus agreed to quickly enter the European market, which has obtained a marketing license.

According to the announcement of Daewoong Pharmaceutical, the export and supply contracts with Ebolus in 2013 were expanded to Russia, South Africa, Japan, and CIS regions in the US, Europe, Australia and Canada. Accordingly, the contract size increased by about 45.8 billion won from about 289.9 billion won to about 3347 billion won. In addition, due to the revised contract, the technology fee decreased by 10.5 million dollars (approximately 11 billion won) compared to the existing contract.

In addition, Daewoong Pharmaceutical and Evolus agreed not to claim any damages or liability for damages caused by ITC lawsuits, resolving the uncertainty of entering the global market such as the United States, and further strengthening the cooperative relationship.

Seung-ho Jeon, President of Daewoong Pharmaceutical said, “Through this agreement, the uncertainty in the botulinum toxin business has been completely resolved, and Daewoong Pharmaceutical’s value is expected to increase by maximizing exports to the US, Europe, and Canada, which are profitable.”

Meanwhile, last month, Abbvie, Evolus and Medytox announced that they had reached an agreement to sell botulinum toxin, ending the Botox dispute in the United States.