South Korea's leading botox maker Hugel Inc. said Friday that it will make inroads into the United States, the world's largest botulinum toxin market, this year.
Earlier, the company sought a marketing authorization of its botulinum toxin product, Letybo, with the US Food and Drug Administration (FDA) for the treatment of frown lines in adult patients.
Hugel said it expects to receive the FDA approval sometime around the middle of this year.
"There is much more opportunity in the US where the costs of procedures with botulinum toxins is high," Han Seong-ho, vice president of Hugel, said during an online press conference.
The US botulinum toxin market recorded a market value of 1.6 trillion won ($1.3 billion) this year and is projected to expand at an annual average of 10 percent by 2029, Hugel said.
Letybo is currently available in 28 countries worldwide and has been the market leader for five consecutive years in South Korea.
Hugel said the process of a multinational consortium led by local conglomerate GS Holdings Corp. becoming a majority stakeholder in the company is in the final stage.
Bain Capital-owned Leguh Issuer Designated Activity Co. struck a deal to sell its 46.9 percent stake in Hugel to the four-party private equity fund, Aphrodite Acquisition Holdings LLC.
The consortium is composed of GS Holdings Corp., Korean equity firm IMM Investment, Singapore-based health care fund CBC Group and United Arab Emirates' sovereign wealth fund Mubadala Investment Co.
"Completing the acquisition has been delayed a bit later than scheduled," CEO Son Ji-hoon said, adding that talks between the consortium and existing controlling shareholders are in the final stage.
Last year, Hugel became the first Korean company to receive the Chinese government's approval to sell its botox products in the key Asian market.
Hugel said it aims to increase its market share in China from the current 10 percent level to between 15 and 20 percent this year. (Yonhap)
