Daewoong Pharmaceutical has signed a 73.8 billion won ($53.6 million) export agreement with Thailand’s Montana Marketing for its type A botulinum toxin (BTX) Nabota, marketed as Jeuveau in the U.S.

The five-year contract is approximately three times larger than the companies’ initial agreement in 2020, the Korean pharmaceutical firm said.

Thailand, the fourth-largest medical aesthetics market in Asia after China, Japan, and Korea, has seen rapid growth in recent years. According to market analysis firm Grand View Research, the Thai medical aesthetics is projected to grow from $1.46 billion in 2023 to more than $3.1 billion by 2030.

Montana Marketing, a specialized pharmaceutical and healthcare distributor, serves as the exclusive distributor of Nabota to nearly 1,000 clinics across Thailand. The company leverages portfolio synergies with other aesthetic products, including fillers and lifting threads, to strengthen its competitive position in the market.

“This agreement is our largest since entering the Southeast Asian market, and we plan to accelerate our expansion to neighboring countries based on our stable performance in Thailand,” said Yun Jun-soo, head of the Nabota Business Unit at Daewoong Pharmaceutical. “We will continue to strengthen Nabota's influence in the global toxin market with business strategies that meet local needs.”