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July 16, 2024

Daewoong's botulinum toxin Nuceiva hits Spanish market

PUBLISHED : June 19, 2024 - 17:13

UPDATED : June 19, 2024 - 17:13

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A vial of Nuceiva (Evolus)

Daewoong Pharmaceutical, South Korea’s leading drug company, said Wednesday its botulinum toxin product Nabota has been launched in Spain, one of Europe's largest aesthetic toxin injectable markets.

According to Daewoong Pharmaceutical, its US partner Evolus, which has the exclusive right to import and sell Daewoong's botulinum toxin Nabota in the US, Europe and Canada, started to sell the botulinum toxin product under the brand name of Nuceiva, starting last week.

“Evolus will be responsible for the marketing and distribution of Nuceiva in Spain. Evolus will work closely with local healthcare professionals to help the drug gain its footing in the new market and deliver exceptional patient experience,” an official from Daewoong Pharmaceutical said.

With the latest launch in Spain, Evolus has launched the botulinum toxin product in five European countries, including the UK, Germany, Austria and Italy, the Korean firm said.

Europe is the second-largest market for botulinum toxin products, following the US market, Daewoong Pharmaceutical said, quoting Fortune Business Insights’ data. The five countries, the UK, Germany, Italy, Austria and Spain, hold around a 70 percent share of Europe’s botulinum toxin market.

"Launching our direct operations in Spain, one of Europe's largest aesthetic markets, underscores our commitment to strategic geographic expansion," said Evolus CEO David Moatazedi. "This milestone supports our goal of fueling market growth worldwide by establishing a strong presence in key regions. Our continued success in entering new markets positions us for sustained above-market growth in the aesthetic neurotoxin sector."

Daewoong Pharmaceutical CEO Park Seong-soo said, “Nuceiva’s presence in Europe is expected to increase further after its launch in Spain.” He added, “The botulinum toxin developed by Daewoong Pharmaceutical is stepping up as a blockbuster botulinum toxin through its continuous launches in overseas countries.”

According to Daewoong Pharmaceutical, its botulinum toxin product will also be introduced in Ireland and Australia this year.

By Shim Woo-hyun (ws@heraldcorp.com)

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