Medytox said it will become the first Korean company to build a botulinum toxin finished product factory overseas.

According to Medytox, it signed a Memorandum of Understanding (MOU) with Dubai Science Park, owned by Tecom Group, a state-run company in Dubai, to build a factory for finished BTX products during the Korea-United Arab Emirates (UAE) Business Forum held at Rixos Marina Abu Dhabi in the UAE on Monday.

Under the MOU, Medytox, Korea’s No. 2 BTX maker by sales, will establish a production facility for MT10109L, the world's first and only non-animal liquid toxin developed by Medytox, in Dubai.

The company plans to receive halal certification for the plant and target the Middle Eastern and European markets.

Medytox has been looking for candidate sites overseas to actively and efficiently respond to the rapidly growing global toxin market and picked Dubai as the final location. 

"It is essential to secure local production facilities to leap forward as a global bio company," Medytox CEO Jung Hyun-ho said. "The halal-certified finished toxin plant in Dubai will serve as a bridgehead for Medytox's toxin formulation developed with the world's best R&D capabilities to enter the global market."

Dubai Science Park CEO Marwan Abdulaziz Janahi also said, "Dubai Science Park is committed to creating a great ecosystem that is necessary for companies to run their business successfully."

The company welcomes Medytox to join its science-driven business community, and it is excited to have new opportunities for growth in this region, he added.

Medytox has been participating in the UAE economic delegation of President Yoon Suk-yeol since last Saturday.

Persons from the Korean pharmaceutical and biotech industry accompanying Yoon for his visit to the UAE include Medytox CEO Jung, Ammedics CEO Park Soon-hyung, ExBody Director Kim Mi-sook, and 3billion CEO Keum Chang-won.

Ammedics specializes in hyaluronic acid and ExBody is a musculoskeletal analysis company. 3billion is a genetic testing start-up for rare diseases.