Hugel can sell its botulinum toxin product in U.K.

Hugel logo [HUGEL]

Hugel's Letybo botulinum toxin product was approved for sale in Britain, the company said Thursday.

After a green light from the Medicines & Healthcare products Regulatory Agency, Hugel will start selling the product in the second quarter.

Britain will be the third European country that Letybo is exported to. It gained approvals from France and Austria in February. Hugel wants to sell to 11 countries in the first half of the year.

Britain has the largest botulinum toxin market in Europe. The five countries with the biggest markets — Britain, France, Germany, Italy and Spain — control 70 percent of Europe's botulinum toxin market.

The size of Britain's botulinum toxin market is estimated at about 120 billion won this year, according to Hugel. That figure is expected to increase to 150 billion won by the end of 2025. About 7 to 10 percent of the population in Britain have used some kind of botulinum toxin products.

"The approval from Britain will be a watershed for Hugel for expanding our presence in the European market," said a spokesperson for Hugel. "We aim to enter 11 major countries within this year, with the goal of entering a total of 36 countries by the end of next year."

BY SARAH CHEA [chea.sarah@joongang.co.kr]