Huons Biopharma said Tuesday that it has signed an export contract with Haemato Pharm, a German-based pharmaceutical company, to exclusively supply Hutox, its botulinum toxin (BTX) product, to the European market.

Under the accord, Huons Biopharma will supply its BTX product to Haemato Pharm for a decade from the time of entry into the local market and receive 97.2 billion won ($83.1 million), including milestones.

The two companies aim to promote their BTX product in 29 European countries, including the U.K., Switzerland, and 27 EU members.

“To successfully advance into Europe, we tied up with Haemato Pharm, a partner that can cover both treatment and aesthetic areas," the company said. "Haemato Pharm's parent company, M1 Kliniken AG, is playing a leading role in the aesthetic field by operating 40 specialized aesthetic clinics in Europe, including Germany and Austria."

Huons Biopharma plans to complete local clinical trials and approval procedures in Europe by 2024 based on Haemato Pharm's clinical and licensing know-how and enter the local market in 2025. Furthermore, as M1 Kliniken AG plans to expand the number of aesthetic clinics to 100 by 2025, the company plans to rapidly expand its market share throughout Europe by using the facilities.

"By concluding a contract to export Hutox with Haemato Pharm, the company has laid the foundation for entry into the world's three major markets of the U.S., China, and Europe," Huons Biopharma CEO Kim Young-mok said. "We will do our best to market Hutox in major global markets."