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[Press release] Bioplus will enter the new business

By 2021년 October 27일January 10th, 2022No Comments

Published date: October 27, 2021

R&D such as next-generation botulinum toxin and diet injections to diversify sales sources.

[Paxnet News reporter Kim Sam-mi] BioPlus is moving to expand its business to new fields such as botulinum toxin.

According to the bio industry on the 25th, BioPlus is actively engaged in new businesses such as improved botulinum toxin and next-generation diet injections to diversify its sales sources. Industry analysts say that acquiring a stake in Ubiprotin on the 22nd following Orabio in May has something to do with this.

BioPlus recorded 18.2 billion won in sales and 10 billion won in operating profit on a consolidated basis in the first half of this year. Compared to the same period last year, sales increased 127.5% and operating profit increased 185.7%. As a result, the operating profit ratio also rose 11.1 percentage points to 54.9 percent during the same period. This achievement is due to the strong sales of HA filler applications such as hyaluronic acid (HA) fillers and anti-adhesion agents.

However, from the standpoint of BioPlus, HA fillers account for an overwhelmingly high proportion of total sales, so it is not possible to laugh at the good performance. In fact, in the first half of this year, 84.3% of HA pillars’ sales fell significantly compared to the past. In other words, in order to reduce the concentration of sales of certain products, BioPlus has also sought a way out through product expansion and entry into new businesses.

BioPlus is diversifying its products by developing various HA application products first. The anti-adhesion material, which was approved by the Ministry of Food and Drug Safety in February 2019, generated 1.7 billion won in sales in the first half of this year following 1.5 billion won last year. BioPlus expects its market share of domestic products to gradually increase as anti-adhesion drugs were mainly dependent on imported products in the domestic market. On top of that an HA joint tissue restoration material released earlier this year, is also expected to gradually contribute to sales.

Preparations are also underway for the botulinum toxin project chosen as part of the new growth engine. BioPlus secured a 43.4% stake in Orabio, which holds a botulinum toxin strain, in May. It is analyzed that BioPlus bought land and buildings worth 16.5 billion won on the 19th not only to expand facilities for existing projects but also to promote the botulinum toxin project.

BioPlus aims to complete clinical trials of next-generation botulinum toxin in Korea by 2024 and obtain product licenses in 2025. In addition to Medytox, Daewoong Pharmaceutical, Hugel, and Huons, there are more than 10 domestic pharmaceutical and bio companies that have entered the botulinum toxin sanction market, including Chong Kun Dang, Pharma Research Bio, and Jetema. As BioPlus is a latecomer, it plans to develop the next generation of botulinum toxin that extends its duration by combining Ubiprotein’s protein half-life technology.

To this end, BioPlus recently secured Ubiprotin’s Anti-Ubiquitization Technology (AUT) original technology. Following a technology partnership with Ubiprotin in May, it spent 2.6 billion won on the 22nd to acquire a 52.96% stake in Ubiprotin. The AUT source technology is a technology that increases the half-life without structural and functional changes in proteins.

BioPlus is also accelerating research and development (R&D) of next-generation diet injections through the acquisition of ubiprotin. BioPlus plans to develop ubiprotin and injection-type obesity treatment “Saxenda” in a one to two-week continuous formulation and release it as a Bio Better that improves the convenience and efficacy of administration compared to existing products. Saxenda is a drug that ranks first in the global obesity treatment market, and its substance patent expires in 2023.

BioPlus plans to conduct a full-time phase of next-generation diet injections next year and apply for a domestic clinical trial plan (IND) in 2023 to begin clinical trials. The goal is to complete clinical trials by 2025 and release next-generation diet injections.

The establishment of a factory at a local subsidiary in Hainan, China, which had stopped due to the COVID-19 epidemic, is also expected to start at the end of the year. BioPlus established a joint venture in Hainan, China, and purchased a factory site. It plans to complete the filler license in China by next year and operate a manufacturing plant. Fillers produced at the plant will be sold and exported to China, Hong Kong, and Southeast Asia.

Additional investments related to botulinum toxin and next-generation diet injections will continue in the future, a BioPlus official said. “As COVID-19 is almost over in China and we are planning to go to the ‘With Corona’ system in Korea, we will be able to speed up our Chinese-related businesses from the end of the year.”

Reporter Kim Saemi, saemi@paxnetnews.com

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