Croma-Pharma GmbH Sets the Course for Entering the US Market
- Croma-Pharma GmbH (Croma) is establishing a joint venture company with its long-time partner Hugel, Inc. to develop and commercialize botulinum toxin, HA filler and PDO thread products in US, Canada, Australia and New Zealand.
On Sept 5th, Croma has stated that the company is moving forward in its plan preparing a successful launch of its HA filler and PDO thread products on the US market.
The joint venture company will be established with Croma's Korean partner Hugel, Inc. Croma will be transferring its Botulax (Hugel´s botulinum toxin product) distribution rights for US, Canada, Australia, New Zealand, and also the 100% shares of its Canada and Australia subsidiaries in exchange for 30% of the joint venture company. Hugel will invest $90,000,000 in cash and future commitments and subscribe for equity representing 70% of the joint venture company. As a result of this transaction, the joint venture company will secure perpetual license to Croma's HA filler and PDO thread products and Hugel's botulinum toxin product in the aforementioned territories.
Said joint venture company will be in charge of developing and commercializing Croma's HA filler and PDO thread products and Hugel's Botulax product in the US, Canada, Australia and New Zealand, and spearheading all clinical, regulatory, and marketing operations in order to ensure successful entry of the above products in the territories. Additionally, the joint venture company will be collaborating with Croma for marketing activities in Europe for a successful launch.
Croma's Managing Director, Andreas Prinz, explained, "By partnering with Hugel in these major aesthetic markets, we clear another hurdle in our international expansion process, while intensifying our relationship with Hugel. Both companies will certainly benefit from the experiences we make together in North America and Australia. Croma and Hugel will be moving closer together, based on mutual respect and trust."
Hugel's CEO, Jihoon Sohn, stated, "US is a huge market that currently accounts for the majority of the global botulinum toxin market." He also added, "We have taken the very first step of our global initiatives, and through it, we plan to further strengthen our global footprint with our long-term partner, Croma."
About Croma-Pharma GmbH Founded in 1976, Croma-Pharma GmbH (Croma) is an Austrian family-owned company that specializes in the industrial production of hyaluronic acid syringes for the fields of medical aesthetics, ophthalmology and orthopaedics. Croma currently runs 12 international sales companies and distributes its products in more than 70 countries. Within its global sales network, Croma focuses with own branded products on minimally invasive aesthetic medicine. Besides a broad range of HA Fillers from the own production site, Croma markets PDO lifting threads, a Platelet Rich Plasma (PRP) system and a personalized skincare technology in its core strategic markets.
About Hugel, Inc. Hugel is a biopharmaceutical company developing and manufacturing botulinum toxin and HA filler products for use in not only medical aesthetic field, but also in medical therapeutic field. Hugel's botulinum toxin product, Botulax, is currently marketed in 26 countries worldwide. In addition, Botulax is expected to enter the world's largest markets such as US, Europe, and China soon. The Chaeum (Dermalax), Hugel's HA filler product, is currently exported to 14 countries and is expecting approvals in 6 additional countries, including China, Brazil, and Chile.