 |
(Photo = hugel) |
[Alpha Biz= Reporter Kim Jisun] Hugel, a South Korean botulinum toxin manufacturer, has emerged victorious in a lawsuit against Medytox concerning alleged strain misappropriation. The U.S. International Trade Commission (ITC) ruled in favor of Hugel on October 10, determining that there was no evidence of wrongdoing on Hugel's part in relation to Medytox's claims about unfair practices in the import of botulinum toxin products into the United States.
In 2022, Medytox filed a complaint with the ITC, alleging that Hugel had misappropriated its strains and manufacturing processes to export its product "Retibo" to the U.S. Medytox sought to prohibit the import and sale of Hugel's products in the U.S. In response, the ITC issued a preliminary ruling in June, stating that Hugel’s products did not violate Section 337 of the Tariff Act regarding intellectual property rights. After reviewing objections from both parties, the ITC delivered its final judgment.
Following this ruling, Hugel, which received product approval from the U.S. Food and Drug Administration (FDA) in March, is accelerating its global expansion efforts. On October 11, shortly after the ITC's decision, Hugel's stock price rose by 5.58%, closing at 255,500 won.
Botulinum toxin, commonly known as Botox, is a neurotoxin produced by bacteria and is used in cosmetic treatments for its muscle-relaxing properties. In recent years, it has gained attention as a treatment for various medical conditions, including eyelid spasms, cerebral palsy in children, and strokes. In advanced markets, the therapeutic use of botulinum toxin accounts for approximately 55% of the market, surpassing cosmetic applications.
Notably, it is estimated that about 30% of botulinum toxin procedures occur in the United States, with the North American toxin market projected to grow by about 7.2% this year, reaching approximately $3.1 billion (around 4.2 trillion won). As of the first half of this year, Hugel's revenue from toxin and filler products reached approximately 166.4 billion won, with exports accounting for about 57.7%, surpassing domestic sales at 40.4%.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
