Daewoong Pharmaceutical said Thursday that it has signed an export agreement for Nabota, its botulinum toxin (BTX) product, with three countries – New Zealand, Israel and Ukraine.
Through the agreement, Daewoong will receive $12 million for five years. The company will be responsible for the production and supply of Nabota, while local partners will commercialize the drug after receiving sales approval from their related authorities.
Daewoong Pharmaceutical plans to accelerate the launch of Nabota in the country and quickly establish itself in the local market through cooperation with local partners who have a strong sales and distribution network.
Douglas Pharmaceuticals, its partner in New Zealand, is the no. 1 local pharmaceutical company with an excellent marketing capability and robust sales network. The company expects that it will play a key role in Nabota's entry into New Zealand based on its experience in licensing many drugs.
Israeli partner Luminera Derm is a subsidiary of Israeli local pharmaceutical company Panaxia, a beauty company that manufactures and sells many medical aesthetic products. The company has specialized business experience in the field of skin care.
Totis Pharma Group, its Ukraine partner, is a cosmetics company operating beauty products such as fillers, and has a solid sales and distribution network throughout the country.
“Through this export contract, Nabota's position in the global market has been further strengthened by securing export headquarters not only in developed countries but also in nations with an emerging beauty market,” said Park Sung-soo, head of Daewoong’s Nabota business division. “Based on Nabota's superior product quality, we will continue to seek overseas business opportunities and aim to launch Nabota in more than 100 countries by 2020.”
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