Hugel, Groundbreaking Ceremony for 3rd Factory... "Aiming to Dominate the Global Botulinum Toxin Market"

[Asia Economy Reporter Hyunseok Yoo] Global total medical aesthetic specialist company Hugel announced on the 26th that it held a groundbreaking ceremony for its third factory to expand its botulinum toxin production on the 21st at the new factory site in the Geodun Industrial Complex, Chuncheon, Gangwon Province.

The groundbreaking ceremony was held with about 30 attendees, including Hugel's CEO and Executive Officer Jihoon Son, Vice Presidents Sunho Han and Sunwoo Kwon, key executives, and those involved in the construction of the third factory.

The third factory, with an investment of about 40 billion KRW, will be constructed with a total floor area of approximately 15,771㎡ (about 4,800 pyeong), consisting of 4 floors above ground and 2 floors underground, totaling 6 floors. There are plans to add an additional floor on the first floor after completion. Eventually, the factory will have a total of 7 floors. Starting with the groundbreaking ceremony, Hugel will begin full-scale construction aiming for completion in February 2022, followed by the validation process, and will start full-scale product mass production in 2023.

The newly constructed third factory will be capable of producing 8 million vials annually based on freeze-dried products, which is 10 times the capacity of the first factory, the ‘Sinbuk Factory’. Having recently obtained product approval for the botulinum toxin formulation ‘Letybo’ in China on the 21st, and with plans to enter the European and U.S. markets within three years, Hugel intends to lay the foundation for global expansion by ensuring smooth product supply domestically and internationally centered on the third factory.

Accordingly, the third factory will be equipped with the latest facilities meeting cGMP, EU GMP, PIC/S, and KGMP standards, considering overseas market entry. Compared to existing factories, it will expand automation systems and strengthen aseptic assurance. Additionally, production facilities for the painless liquid-type product, which is expected to obtain sales approval in 2022 and begin production in 2023, will be established to enhance Hugel’s corporate value through differentiated product production in the domestic market.

Jihoon Son, CEO and Executive Officer of Hugel, said, “The third factory will serve as Hugel’s forward base expanding into the global market and will be a new growth engine leading Hugel’s leap as a global ‘leading company.’ Centered on the newly constructed third factory, we will strive to produce products with safety and quality so that our botulinum toxin can become not only our pride but also the pride of ‘K-toxin’ in the global market.”