Hugel Toxin 'Letibo' Enters US Market Through Collaboration with Benev

Hugel has chosen Benev as its local partner for the entry of the botulinum toxin product Letibo (domestically known as Botulex) into the U.S. market.

Hugel's botulinum toxin 'Letibo' (domestic name Botulex) [Photo by Hugel]

On the 1st, Hugel announced that it has finalized a strategic partnership and collaboration with Benev as the U.S. sales partner for Letibo. Since August last year, Hugel began discussions for a partnership to sell Letibo in the U.S. and selected Benev as the final partner among competing companies.

Benev is an aesthetic company established in 2000 in California, USA, that researches, manufactures, and sells beauty medical products such as exosomes, PDO threads, and radiofrequency microneedling. Over the past three years, it has recorded an average annual growth rate of over 117%, making it one of the fastest-growing companies in the U.S. medical aesthetic market.

Since Hugel established the joint venture Hugel America in 2018 with its existing U.S. and European partner, Cromapharma, there was speculation that Letibo might be sold directly (direct sales), but the company chose to collaborate with a partner. The company explained, "The main reason for choosing this sales strategy was the ability to immediately launch the product and expand sales in the U.S. market."

However, unlike typical cases where sales and distribution rights are fully delegated to the partner, this partnership will take the form of jointly entering the market as partners in the toxin business within the U.S. The two companies will work together on sales, marketing, education, and research based on Benev’s solid sales network. Hugel aims to achieve about a 10% market share in the U.S. within three years.

Hugel’s Letibo announced its official launch recently following approval in February. Initial production for the U.S. launch has been completed, and the first shipment will be made at the end of this month.

Chairman Cha Seok-yong of Hugel said, “We are pleased to embark on this significant journey of change with Benev,” adding, “Our cooperation with Benev will be a powerful alliance that enables Hugel to establish itself as a true leader in the global medical aesthetic market.” Ethan Min, CEO of Benev, also said, “We are proud to form a strategic partnership with Hugel. We are confident that the combination of Hugel’s outstanding achievements and Benev’s network will create a great impact in the market. We will prioritize quality, expand choices for medical professionals, and provide consumers with high-quality experiences.”