Hugel to Invest 40 Billion KRW to Build Third Factory... Annual Production Capacity of 8 Million Vials

Completed in February 2022 · Mass Production of Products in 2023

[Asia Economy Reporter Seo So-jeong] Hugel announced on the 26th that it held a groundbreaking ceremony for its 3rd factory to expand botulinum toxin production on the 21st at the new factory site within the Geodun Industrial Complex in Chuncheon, Gangwon Province.

The 3rd factory, with an investment of approximately 40 billion KRW, will be constructed with a total of 6 floors, including 4 above ground and 2 underground, covering a total floor area of about 1,500㎡ (approximately 4,800 pyeong). Since there are plans to add an additional first floor after completion, the factory is expected to have a total of 7 floors in the future. Hugel will begin construction starting with the groundbreaking ceremony on this day, complete it by February 2022, and start full-scale product mass production in 2023.

The groundbreaking ceremony was attended by about 30 people, including Hugel CEO and Executive Officer Son Ji-hoon, Vice Presidents Han Seon-ho and Kwon Soon-woo, key executives, and those involved in the construction of the 3rd factory.

The newly constructed 3rd factory will be capable of producing 8 million vials annually, which is 10 times the capacity of the 1st factory, ‘Sinbuk Factory,’ based on freeze-dried products. Having recently obtained product approval for the botulinum toxin formulation ‘Retivo’ in China on the 21st, and with plans to enter the European and U.S. markets within three years, Hugel aims to lay the foundation for global expansion by ensuring smooth product supply domestically and internationally centered on the 3rd factory.

Considering overseas market entry, the 3rd factory will be equipped with the latest facilities that meet various international Good Manufacturing Practice (GMP) standards, expanding automation systems and enhancing aseptic assurance compared to existing factories. It will also have production facilities for a painless liquid-type product, which is expected to obtain sales approval in 2022 and begin production in 2023, aiming to produce differentiated products in the domestic market.

Son Ji-hoon, CEO and Executive Officer of Hugel, said, “The 3rd factory is Hugel’s forward base expanding into the global market,” adding, “We will strive even harder to produce safe and high-quality products so that our botulinum toxin can become the pride of ‘K-toxin’ in the global market, centered on the newly constructed 3rd factory.”