[Press Release] Medytox (CEO Hyun Ho Jung) announced on March 26th, 2024 that the biopharmaceutical company had entered into a distribution agreement (the "Agreement") with BLAU FARMACEUTICA S.A. (CEO Marcelo Hahn) for botulinum toxin at USD 73 million (based on minimum order quantity) for five years. Medytox will supply its botulinum toxin products (including Newlux) to Blau, which will distribute Medytox’s products in the territory of Brazil.

The long-term Agreement came in the aftermath of Blau’s acquisition in Brazil of Laboratorio Químico e Farmacêutico Bergamo LTDA, the previous partner of Medytox. On the occasion of its new partnership with Medytox, Blau has decided to conclude its prior contract with Hugel and transfer it to a 3rd party along 2024.

Medytox launched Meditoxin (Export Name: Botulift) in Brazil in 2010, the first botulinum toxin developed in South Korea, and has since expanded its exports, recording over USD 16 million-worth exports to Brazil in 2023 only. Such result is equivalent to 30% of Medytox overseas botulinum toxin revenue (USD 46.5 million in 2023).

Hee-Seok Ju, Executive Vice President of Medytox, states, "As Blau has deep trust in Medytox's advanced R&D capabilities and specialties achieved by its 20-year focus on botulinum toxin, we have reached this agreement with great pleasure" and "we will create the best synergy with Blau, the perfect partner for Medytox targeting the LATAM market"

Roberto Morais, Executive Director of Strategy and M&A, states, "we are very happy with this partnership, Medytox has a long experience on aesthetics products, including botulinum toxin, and very strong R&D capabilities with a solid pipeline, that can offer us new products in the future to be distributed in the region, boosting Blau´s Aesthetics Business Unit."

On the other hand, based on the Agreement, Medytox will accelerate penetration in the Brazilian market with Newlux (product developed by Numeco – 100% subsidiary of Medytox). Numeco is currently expanding the domestic market share of Newlux, a product approved by the KFDA (August 2023), as well as trying to obtain the approval for ROW countries.