November 22, 2024

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[THE INVESTOR] Daewoong Pharmaceuticals said on Jan. 29 that it has signed two contracts worth a combined US$21 million to take its botulinum toxin product Nabota to markets in Brazil and Egypt.

Daewoong will supply US$16 million worth Nabota to Brazil-based Moksha8 Pharmaceuticals for five years after it clears regulatory hurdles. The company’s self-developed wrinkle smoother, however, has yet to receive marketing authorization in the two countries, according to Daewoong official.

“Moksha8 will help Nabota make a successful market entry, as the firm has extensive experience regarding regulatory approval procedures with the Brazilian Health Regulatory Agency,” the Korean drug maker said in a statement.

Moksha8 will adopt a two-track marketing strategy for Nabota. The company will be in charge of Nabota applied to medical conditions such as headache, low back pain and muscle pain, while its affiliate GCAesthetic will distribute the toxin for cosmetics use.

Daewoong also signed a five-year deal with Cairos-based EIMS Company to make inroads into Egypt, the second largest botulinum toxin market in the Middle East. The Korean pharma company will supply US$5 million worth of Nabota.

Nabota is currently being exported to some 70 countries, and is under review by the US Food and Drug Administration and the European Medicines Agency for entry approval.

By Park Han-na (hnpark@heraldcorp.com)