SEOUL -- A botulinum toxin (botox) product produced by Hugel, a biopharmaceutical company in South Korea, has been approved for sale in China. It is South Korea's first botox product to be approved by China's National Medical Products Administration.
Hugel, which leads South Korea's botox market, has prepared for China's approval through its Chinese partner, Sihuan Pharmaceutical Holdings Group. In China, Hugel will release its product under the brand name "Letybo" by the end of 2020. The company hopes to expand its market share in China by utilizing a wide distribution network established by Sihuan.
Hugel aid in a regulatory filing on October 23 that with approval in China, the company would expand overseas sales. Hugel aims to enter the European market in 2021 and the U.S. in 2022. Botox, which is a neurotoxic protein produced by the bacterium Clostridium botulinum and related species, was introduced in South Korea mainly for the aesthetic treatment of facial wrinkles. Hugel's botulinum toxin was first launched in the domestic market in 2010.
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