Huons Biopharma has signed a license-out agreement with Aquavit Holdings which is a pharmaceutical company, to export Hutox, its botulinum toxin product, over 10 years.Aquavit, a pharmaceutical company will be responsible for local clinical trials, licensing, marketing, and sales. Huons Biopharma will supply finished products of Hutox produced in Korea and received up to $357.5 million in royalties and milestone payments. The company did not reveal the exact number of the upfront payment due to a confidentiality agreement.
The two companies plan on entering the North American market by 2024. They will apply for a clinical investigational new drug to the U.S. Food and Drug Administration within this year and complete clinical trials by 2023. Later they will launch the product under a new name.
According to provisional performance data, the sales of Huons Global increased 41 percent to 41.9 billion won, and its operating profit jumped 65 percent to 15.1 billion won last year. The company is conducting phase 2 clinical trials of its BTX product to receive approval for treating square jaw. It is preparing for the next clinical phase targeting post-stroke muscle stiffening.