Daewoong Pharmaceutical signs $20m Nabota export deal with Mexico

Daewoong Pharmaceutical said Friday it has signed a contract with its Latin American distribution partner Moksha8 to export its botulinum toxin product Nabota to Mexico, in a deal valued at about 29.5 billion won ($20.4 million).

According to the International Society of Aesthetic Plastic Surgery, Mexico is one of the largest aesthetic and cosmetic surgery markets in Latin America, along with Brazil, Argentina, Colombia and Chile.

Starting with Panama in 2015, the Korean drug maker has signed export contracts for Nabota with 17 of the 20 countries in Latin America, and the product has been launched in 13 countries.

“Although the frequency of cosmetic procedures per capita in Mexico remains lower than in Korea, it is an attractive market with strong growth potential for premium toxin products,” said Yun Jun-soo, head of Daewoong’s Nabota business.