Medytox shares surge following announcement to build 1st Korean biopharma plant in UAE

Medytox’s share surged on Tuesday after the company signed a Letter of Intent (LoI) with the UAE's Tecom Investment to establish the first Korean biopharmaceutical production plant in UAE. This agreement follows a Memorandum of Understanding (MOU) signed during Korean President Yoon Suk Yeol's visit to the UAE in January last year.

Following the announcement, the botulinum toxin maker’s stock price went up to 141,000 won ($103.75) on Tuesday, up 8.79 percent from the previous trading day.

The announcement was made during the "Korea-UAE Business Investment Forum" held at the Four Seasons Hotel in Jongno-gu, Seoul, Monday.

This event, coinciding with the visit of UAE President Mohamed bin Zayed Al Nahyan to Korea, was jointly hosted by Korea's Ministry of Trade, Industry, and Energy (MOTIE) and the UAE's Ministry of Economy. It was organized by the Korea Chamber of Commerce and Industry in collaboration with the UAE Embassy in Seoul.

More than 200 government officials and business leaders from both nations attended the forum, which aimed to strengthen economic ties and foster investment opportunities. Among the attendees were Cheong In-kyo, Korea's Trade Minister, and Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade.

The new plant represents a significant expansion for Medytox, enabling the company to produce its biopharmaceutical products locally within the UAE.