[Alpha Biz=(Chicago) Reporter Kim Jisun] Daewoong Pharmaceutical Co. said it will build a third plant to expand its business in earnest and respond to rising global demand for botulinum toxin "Nabota."
Construction of the third plant will begin in the first half of this year in Hyangnam-eup, Hwaseong-si, Gyeonggi-do, and will be completed in 2024, with more than 100 billion won expected to be invested.
Nabota is a premium high purity botulinum toxin approved by the U.S. Food and Drug Administration (FDA), and has already entered the U.S. and the European Union (EU) and is set to enter Oceania and China by the end of this year. Earnings are also growing, with exports exceeding 100 billion won last year, up 123.3 percent from the previous year, and the company expects sales to grow by an average of 20 percent annually by 2030, with overseas sales alone exceeding 10 million vial.
Daewoong Pharmaceutical expects to enter the treatment indication market that will reach 60% of the global toxin market in 2027, and plans to expand its business to next-generation formulations such as liquid, continuous and microneedle.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
