Agreement according to the final decision of the US ITC
“Resolve uncertainty in toxin business in developed countries”
Daewoong Pharmaceutical(129,500 +1.97%)Announced on the 24th that it has decided to strengthen cooperation between the two companies through an agreement with Ebolus, a partner in the cosmetic botulinum toxin business,.
Daewoong Pharmaceutical decided to strengthen the foundation of the toxin business in advanced countries and promote global sales through Ebolus. To this end, all previously invested convertible bonds are converted into common stocks. With an additional $25.5 million (approximately 28.8 billion won), the company plans to provide a certain percentage of subsidies for the US net sales of botulinum toxin tablets by September 22nd next year.
As a result, Daewoong Pharmaceutical has established a stronger cooperative relationship with Ebolus in the United States, the world’s largest market for botulinum toxins. Evolus decided to accelerate the growth of its toxin business based on the funds it secured.
The two companies agreed to expedite entry into the European market, where they have obtained a marketing license. Europe has the world’s second-largest toxin market after the United States, the company said. There are three licensed products. Daewoong Pharmaceutical said that Daewoong Pharmaceutical is the only toxin product with the same molecular weight that can replace Allergan’s’Botox’ when entering Europe. In addition, in Europe, unlike the United States, 50 units are the flagship products of the beauty market, and in January, 50 units of Ebolus’ Nushiba (European bulletin) acquired additional licenses following 100 units.
Daewoong Pharmaceutical expects to quickly penetrate the European market by using 50 units. In addition, the two companies agreed not to bring any liability for damages or damages caused by the US International Trade Commission (ITC) litigation.
Daewoong Pharmaceutical CEO Jeon Seung-ho said, “Through this agreement, the uncertainty in the toxin business in advanced countries has been completely resolved.”
Reporter Minsoo Han [email protected]
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