Huons BioPharma attracts $132 mil from China's Imeik Technology Development Subsidiary of Huons Global aims to enter Chinese botulinum toxin market

Translated by Kim So-in 공개 2021-09-24 08:09:51

이 기사는 2021년 09월 24일 08:07 더벨 유료페이지에 표출된 기사입니다.

Huons BioPharma, a subsidiary of Huons Global, has attracted 155.4 billion won ($132 million) from China’s Imeik Technology Development, gaining a foothold in the rapidly botulinum toxin market in China.

Huons BioPharma received a total of 155.4 billion won from Imeik Technology Development on September 16 after the two companies signed an agreement in June. Imeik Technology Development, which manufactures and distributes biomedical products, aims to enter the botulinum toxin market there through the latest partnership.

Imeik Technology Development has become the second largest shareholder of Huons BioPharma by securing a 25.4% stake in the Korean company. Huons Global remains to be the largest shareholder, although its stake has been reduced to 74.6%.

Huons Global teamed up with Imeik Technology Development about two months after it established Huons BioPharma through a split-off in April. Huons Global is speeding up its efforts to expand its business in China by completing the deal process within six months.

Huons BioPharma’s botulinum toxin product, Hutox, is currently under preparation to launch phase 3 clinical trials in China.

Huons BioPharma targets the Chinese market through the latest partnership, which has high growth potential and is relatively less competitive. The Chinese botulinum toxin market is expected to reach 2 trillion won by 2025, about four times bigger than that of Korea.

Huons Global and Huons BioPharma expect it will take about three to four years for Hutox to enter the Chinese market after completing phase 3 clinical trials and obtaining approval from the China's National Medical Products Administration (NMPA). Currently in China, botulinum toxin formulations produced by U.S.’ Allergan, Korea’s Hugel, France’s Ipsen, and a Chinese state-run research institute are on the market.

“Considering all circumstances, we will be able to create a three-way battle or better, thanks to product competitiveness, even if we are a late comer to the market,” said an official at Huons Global. “We will actively utilize our partnership with Imeik to ensure that our clinical trials and business operations go smoothly.” (Reporting by Eun-su Choi)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재 및 재배포 금지 >

더벨 서비스 문의


유료 서비스 안내
주)더벨 주소서울특별시 중구 무교로 6 (을지로 1가) 금세기빌딩 5층대표/발행인성화용 편집인이진우 등록번호서울아00483
등록년월일2007.12.27 / 제호 : 더벨(thebell) 발행년월일2007.12.30청소년보호관리책임자김용관
문의TEL : 02-724-4100 / FAX : 02-724-4109서비스 문의 및 PC 초기화TEL : 02-724-4102기술 및 장애문의TEL : 02-724-4159

더벨의 모든 기사(콘텐트)는 저작권법의 보호를 받으며, 무단 전재 및 복사와 배포 등을 금지합니다.

copyright ⓒ thebell all rights reserved.