Huons said Thursday that it has signed a contract to export Hutox, its botulinum toxin (BTX), to Brazil and Europe.
Developed by Huons Global’s in-house research institute, Hutox is an outcome of the company’s fermentation productivity, high purification technology and the use of ATCC3502 strain, the company said.
According to a memorandum of understanding signed with Nutriex, a Brazilian aesthetics company, last August, Huons will export 107.6 billion won ($97.7 million) worth of Hutox, to the Latin American country, including a seven-year milestone payment.
Nutriex is a leading local beauty company that distributes products through its subsidiary, Innova Pharma. The company has a secure distribution network and marketing capability in the Brazilian hyaluronic acid filler market. Innova Pharma plans to develop the Brazilian market for Hutox by 2021 and will carry out licensing, distribution and marketing of the product.
Huons also signed a 12.2 billion won worth of BTX export agreement with Ara Pardaz Mahya, an Iranian aesthetic company, for five years.
APM is an Iranian esthetic company that imports only products with high market competitiveness in the global aesthetic sector and distributes them throughout Iran and the Middle East.
Huons and APM concluded the supply contract judging that Hutox has high marketability in Iran and Middle East markets. The two companies plan to expand market share in Iran through active marketing such as lectures and workshops after receiving registration from local authorities.
“We are in the process of finalizing a supply contract in Russia,” the company said in a statement. “Huons is also discussing with companies in Latin America and the Middle East to expand Hutox’s reach.”
To keep the production flow smoothly, Huons Global is building a second factory that complies with EU and U.S. current good manufacturing practice (cGMP) regulations to expand its global market reach. The construction of the second plant, located in Jecheon, North Chungcheong Province, will be complete in the first half of this year. The new plant will expand production capacity by five times, and produce more than five million vials annually, according to the company.
“The signing of the large-scale supply contract with Iran and Brazil is meaningful as it means that our export market has expanded significantly to South America and the Middle East, where the esthetic market is snowballing,” Huons CEO Um Key-an said. “We plan to expand our export markets throughout Latin America and the Middle East.”