(Yicai) Oct. 18 -- Huadong Medicine, one of China’s most diversified makers of dermatosis medicines, is purchasing exclusive global rights in all territories with the exception of India and South Korea for a new botulinum toxin drug, more commonly known as botox, developed by South Korean pharmaceutical firm ATGC.

Huadong’s Hong Kong unit, Huadong Medicine Aesthetics Investment, will pay a maximum of USD30 million in upfront and milestone payments for the license to develop and commercialize the ATGC-110 injection, which is still in the final phase of clinical trials, worldwide apart from India and South Korea, the firm said yesterday, citing the deal penned by the two parties on Oct. 17.

Huadong Medicine Aesthetics will also partner with Seoul-headquartered ATGC on the injection’s development and sales in South Korea, the Hangzhou, eastern Zhejiang province-based company added.

ATGC will be responsible for taking ATGC-110 to market in South Korea and for producing and supplying the product for domestic and global market.

China’s botox market is growing rapidly. It expanded at an annual compound rate of 25.6 percent between 2017 and 2021 and is expected to reach CNY12.6 billion (USD1.7 billion) in 2025 and CNY39 billion in 2030, the drugmaker said, citing US consultancy firm Frost & Sullivan.

Unmoved by the news, Huadong’s share price [SHE: 000963] was trading down 1.6 percent at CNY41.39 (USD5.68) as of 1 p.m. China time today.

Editor: Kim Taylor