Wednesday, December 11th, 2013
SEOUL, KOREA - Daewoong Pharmaceutical Co. said on December 9 that it has signed a US$15-million agreement with TKJ Pharmaceutical Group of Iran to supply Nabota, the botulinum toxin (botox) formulation.
Under the terms of the pact, Daewoong Pharmaceutical will supply the high-purity product for five years from 2015. The drug company succeeded in selling 300-billion-won worth Nabota, to be available in the domestic market from March next year, to Evolus of the United States in September last year, followed on December 2 by a 100-billion-won deal with Pharmavital of Panama for the Latin American market.
TKJ is the second largest drug distribution company in Iran in terms of sales revenue. As of 2011, the Iranian drug market is estimated at $3.1 billion and botulinum toxin accounts for about $10 million.
Lee Jong-wook, president of Daewoong Pharmaceutical, said, "We are proud to have achieved a supply contract with an Iranian company after similar deals with North American and Latin American companies. This reflects our product's superior quality and we will step up our effort to expand markets overseas while at the same time preparing for domestic launch."
Nabota is developed independently by Daewoong Pharmaceutical and has minimized the side effect that may be caused by the diffusion into other tissues from the site of injection.