Daewoong secures landmark BTX export deal in Latin America

Daewoong Pharmaceutical has signed a 180 billion won ($125 million) botulinum toxin (BTX) export contract with M8 Pharmaceuticals, its partner in Brazil, marking its largest deal in Latin America since entering the market.

The five-year agreement, announced Friday, is 10 times the size of Daewoong’s initial contract with the company in 2018.

Nabota, Daewoong Pharmaceutical’s botulinum toxin, has expanded into Latin America with a new export deal in Brazil. (Courtesy of Daewoong Pharmaceutical)

The deal strengthens Daewoong’s foothold in Brazil, the world’s third-largest medical aesthetics market after the United States and China, and home to Latin America’s highest BTX sales. Market research firm Mordor Intelligence projects the Brazilian market to grow at an annual rate of 9.7 percent, reaching $228 million in 2024.

M8 Pharmaceuticals, formerly Moksha8, launched Nabota, Daewoong’s BTX brand, in Brazil in 2020 and gained market share by targeting dental and aesthetic clinics—an alternative to the fiercely competitive dermatology and plastic surgery sectors.

With new regulatory approval for its high-dose 200-unit product, Daewoong plans to expand its reach in Brazil’s largest medical institutions, where demand for bulk treatments is rising.

Daewoong has already introduced Nabota to Argentina, Chile, and Peru, with its BTX products securing marketing approvals in 69 countries and partnerships in more than 80.

Daewoong touts Nabota’s high-purity formulation, developed through its patented HI-PURE technology and vacuum drying process, which the company says reduces inactive toxins that could cause resistance. It was also the first Asian-made BTX to gain U.S. FDA and European EMA approvals.