Daewoong Pharmaceutical's global market is expected to accelerate as it's lawsuits in the U.S. regarding botulinum toxin end up signing an agreement.
Daewoong Pharmaceutical announced that AEON Biopharma, a partner of Daewoong Pharmaceutical in the U.S. botulinum toxin market, signed an agreement with Medytox on June 22.
The contract is said to be aimed at resolving a lawsuit related to the sale of ABP-450 (Nabota's U.S. export name) botulinum toxin produced by Daewoong Pharmaceutical.
Medytox appears to have rushed to induce an agreement with AEON Biopharma, fearing that the lawsuit, which was filed in the U.S. against Daewoong, would be dismissed, just like the one it filed and dismissed in California's Orange County Court in 2017.
As a result, Daewoong Pharmaceutical will be able to accelerate its global market targeting based on Nabota's excellent medicinal effect and technology. Nabota's global sales and future business value are also expected to increase further.
Nabota has now obtained item permits from 55 countries around the world, including the U.S., Europe and Canada, and has signed export contracts with about 80 countries.
"Based on Daewoong Pharmaceutical's own technical skills approved by the FDA, we will develop new products of botulinum toxin and expand new adaptations," said Daewoong Pharm. "We are going to strengthen K-Bio's status in global markets as the latest deal has removed all the legal risks."
