Bloomage, Medytox set up new JV to jointly develop Botulinum Toxin market in China

Medytox, the Botulinum Toxin brand, occupies the highest market share in Korea, and is also the fourth company in the world successfully developed and produced Botulinum Toxin, leveraging on its outstanding technical capability.

After Medytox’s launch in 2006, the sales volume of its Botulinum Toxin product exceeds Allergan and ranked No. 1 in Korea market share now. At present, its product has been approved for sale in 27 countries around the world.

The joint venture Medybloom will be principally engaged in the registration, promotion and sales of certain products mainly consisting of Botulinum Toxin products in China. Each of Bloomage and Medytox has 50% shareholding interest in Medybloom.

This cooperation is a concrete result from Bloomage’s efforts promptly grasping the globally development prospect of biomedical Industry, integrating of the world’s leading biomedical products and searching for appropriate investment projects and mergers and acquisitions. Bloomage will accelerate its development in China’s medical aesthetics industry by leaps and bounds.

In July 2012, Bloomage’s modified hyaluronic acid sodium gel ("hyaluronic acid filler") was approved by China Food and Drug Administration (CFDA). In 2013 and 2014, it achieved remarkable results with fast growth, recorded RMB 87 million and RMB 160 million of sales respectively.

Within two years, Bloomage’s ‘BioHyalux’ hyaluronic acid filler has become the leading brand in China market. It acquired over 30% market share and has been widely recognized by dozens of cosmetic surgery institutions.

"This is one of the important milestones of Bloomage," Mr. Jin Xuekun, CEO of Bloomage said.

"In China, the medical industry is a trillion level market, while the size of medical aesthetics market is more than 100 billion. Our cooperation with Medytox will further enhance Bloomage’s medical aesthetics ecosystem stickiness, make Bloomage to play its unique advantages of ‘medical aesthetics ecosystem’ strategy i.e., ‘End products+Applications+Content+Platform’ more effectively and lay solid foundation for the transformation to be a medical aesthetics solutions provider."

The CEO of Medytox, Hyunho Jung said, "We are confident that the joint venture Medybloom will add valuable contributions to both companies’ growth as it benefits from both Bloomage’s sales network in Chinese Medical Aesthetics market and Medytox’s globally recognized unparalleled technology."