Distribution Agreement with Hugel Inc.
CROMA-PHARMA announced the signing of a significant Distribution Agreement with Asia´s leading Producer of Botulinum Toxins and Anti-Aging Products.
Agreement expands CROMA-PHARMA´s reach on fast growing global aestetics market by adding Botulium Toxin products to its well established range of Hyaluronic Acid Fillers. Distribution rights include EU, North-America and Australia markets.
Family owned, austrian company CROMA-PHARMA announced today the signing of a 10 year distribution agreement with HUGEL Inc. of Korea. Hugel Inc. is the leading producer of anti-aging and Botulinum Toxin products in South Korea and Asia.
At the signing, Andreas Prinz, Managing Director and Owner of CROMA-PHARMA said: „CROMA-PHARMA is always committed to bringing the most advanced anti-aging and medical products to patients and doctors alike. With this agreement CROMA-PHARMA will add the most sophisticated Botulinum Toxin products to its well established range of Filler Products sold by the brand-name of Princess®. These Princess® Fillers (Rich, Volume and Filler) are all based on Hyaluronic Acid. Intensive research and experience made CROMA-PHARMA the leading European producer and specialist of Hyaluronic Acid-based products. These new Botulinum Toxin-based products will perfectly complement our existing portfolio, meeting the demands of both aesthetic doctors and customers as well“.
Dr. Kyeong-Yeop Moon, C.E.O of Hugel Inc. said in a statement: Since 2001 Hugel has focused its research on only one area in order to develop the best possible anti-aging products available anywhere. We do our very best to develop innovative, top-quality products that completely satisfy our customers. With CROMA-PHARMA, we have found the perfect partner to distribute and market our products everywhere outside Asia.
CROMA-PHARMA will become the exclusive Distribution Partner and will be responsible for conducting the required clinical trials and studies. CROMA-PHARMA expects to invest an estimated two-digit million Euro amount for conducting these studies. Following the final approval of FDA, EMA and other authorities, CROMA-PHARMA will then market the new products in Europe, North America and Oceania markets. CROMA-PHARMA will promote the new products under their own label/brand (not yet disclosed). Products shall enter the markets in 2018. Forecast of sales until 2021 estimate returns of more than 100 milion Euro in this dynamically growing market.
CROMA-PHARMA´s constant search for new trends and product innovations will bring more additions to its well-established product-portfolio in 2014.
About Hugel Inc.
Hugel Inc. is a market leader in the South Korean aesthetic market with a portfolio of products that includes cosmeceuticals, neurotoxins and dermal fillers. The company has enjoyed rapid growth in recent years and is focused on developing or acquiring innovative new products and technologies in the pharmaceutical, cosmetic, and medical device fields that complement its existing portfolio. Hugel recently expanded its manufacturing capabilities with the construction of a new production facility. For further information on Hugel please visit www.HugelPharma.co.kr