[Alpha Biz=(Chicago) Reporter Kim Jisun] Daewoong Pharmaceutical will invest 100 billion won to expand its botulinum toxin 'Nabota' business.
The third plant will begin construction in Hwaseong, Gyeonggi Province, in the first half of this year and will be completed in 2024.
Daewoong Pharmaceutical is planning to secure the highest level of aseptic process by applying the US Food and Drug Administration (FDA)'s 'cGMP' know-how obtained from the first and second plants.
When the third plant is completed, it will secure up to 18 million vials production capacity, including annual production of 5 million vials at the first and second plants.
Daewoong Pharmaceutical's first and second plants not only passed FDA's cGMP, but also passed due diligence by all three major global regulatory agencies, including the European Medicines Agency (EMA) and the Canadian Health Ministry.
Nabota is the only FDA-approved botulinum toxin in Korea and Asia. It has already entered the U.S. and the European Union (EU), the world's top two botulinum toxin markets, and is set to enter Oceania and China by the end of this year. Daewoong Pharmaceutical's Nabota saw its exports increase 123.3 percent on-year last year alone.
Nabota sales will grow at an average annual rate of 20% by 2030, with overseas sales alone expected to exceed 10 million vials. Daewoong Pharmaceutical plans to continue to expand Nabota's indications and expand its business to next-generation formulations such as liquid, persistent and microneedle.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
