이 기사는 2021년 09월 24일 08:07 thebell 에 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)