Daewoong Pharmaceutical said that it has agreed with Aeon Biopharma to expand its botulinum toxin (BTX) product into the therapeutic market.
|Daewoong headquarters in Samsung-dong, southern Seoul.|
While BTX is mainly known for its cosmetic use, the drug's therapeutic benefits have recently garnered much attention from Korean companies. In Korea, Daewoong has already received approval to use its BTX for treatment purposes in upper limb muscle stiffness and eyelid spasms from the Ministry of Food and Drug Safety.
The global therapeutic market for BTX is also known to be larger than that of the cosmetic market. For instance, Allergan’s Botox as a cosmetic product racked up $428.2 million in global second-quarter sales this year, while Botox as a therapy for migraine, muscle spasms, and other indications earned a total of $545.8 million globally.
Under the accord, Daewoong will supply its BTX to Aeon, while the latter will have exclusive commercialization rights, such as licensing, import and sales, in the United States, EU, Australia, Canada, Russia and South Africa.
Aeon Biopharma appointed Marc Forth, a former senior vice president of Allergan's neurosciences, urology, and medical dermatology division, as its new CEO in May. The company is preparing a clinical trial to obtain therapeutic indications for Daewoong's product in the U.S.
Daewoong said the company is confident that its products will receive approval to use its BTX for therapeutic purposes after clinical trials, as it has already received approval for cosmetic indications in 50 countries, including the U.S., EU and Canada.
"Therapeutic indications account for about 60 percent of the global BTX market, while new indications are being continuously developed," said Park Sung-soo, head of Daewoong's Nabota business division. "The entry into the global BTX treatment market is expected to be the next-generation growth engine of Daewoong."