Daewoong Pharmaceutical's Nabota wins use approval from Australia

Daewoong Pharmaceutical's Nabota [DAEWOONG PHARMACEUTICAL]

Daewoong Pharmaceutical's Nabota botulinum toxin won use approval from Australia, the Korean company said Wednesday.

The product, which is exported under Nuceiva, is scheduled to be introduced in the Australian market in the second half this year or in the first half of 2024. California-based Evolus, Daewoong's U.S. partner, will handle the sales and distribution.

Australia is the 61st country in which the drug has been approved. The company aims to enter to 100 countries by the end of the year.

Australia is one of the world's top 10 botulinum toxin markets, with the market size valued at over 100 billion won ($80.8 million) as of 2022.

Nabota is currently waiting for use approval from the Chinese health regulator, which Daewoong is projecting will come in the first half.

"We are pleased to introduce Nuceiva to Australians," said Daewoong Pharmaceutical Vice President Park Seong-soo. "We will work to become the world's No. 1 botulinum toxin maker by releasing the product in Australia as soon as possible and introducing it in various other countries this year including China."

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