Medytox, a South Korean manufacturer of botulinum toxin (BTX), said on Tuesday that it has entered a five-year contract with Brazilian pharmaceutical firm Blau Farmacêutica to provide BTX products valued at $73 million.
Under the agreement, the BTX items shipped to Blau will include the newest product Newlux, and Blau will be responsible for distributing Medytox's BTX products throughout Brazil.
The agreement follows Blau's acquisition of Medytox's previous Brazilian partner, Laboratório Químico e Farmacêutico Bergamo Ltda.
Blau has opted to conclude its prior contract with Hugel, another South Korean BTX manufacturer, by the end of this year, Medytox said.
Medytox made its entry into the Brazilian market in 2010 with its inaugural homegrown product, Medytoxin (exported under the name Botulift). Last year, the company shipped over 20 billion won worth of BTX products to Brazil.
Brazil has emerged as a significant export market for Medytox, representing approximately 30 percent of the company's 61 billion won ($45.6 million) toxin exports in 2023.
"Medytox's extensive experience in researching BTX for over 20 years and its outstanding R&D capabilities have facilitated the signing of this agreement," said Ju Hee-seok, Vice President of Medytox. "We are confident that Blau is the ideal partner for us to penetrate the Latin American market, and we anticipate achieving significant synergies together."
Roberto Morais, Chief Strategy and M&A Officer at Blau Farmacêutica, expressed the Brazilian company's satisfaction in collaborating with Medytox, a company renowned for its extensive experience in the aesthetics sector, robust pipeline, and outstanding R&D capabilities.
"Blau will introduce Medytox's latest products to Brazil and other parts of Latin America to expand our aesthetics business," he said.
Medytox aims to expedite its penetration of the Brazilian market with the next-generation BTX, Newlux, developed by its affiliate Numeco.
Having debuted Newlux with approval from the Ministry of Food and Drug Safety in Korea in 2023, Medytox is currently pursuing approvals in other countries to enter those markets in the latter half of this year.