Inks MOU with Dubai Science Park
Medytox announced on Jan. 17 that it has signed a memorandum of understanding (MOU) with Dubai Science Park (DSP) to build a botulinum toxin plant in Dubai, the United Arab Emirates.
DSP is owned by Tecom Group, a state-run company in Dubai.
A signing ceremony was held on the sidelines of the Korea-UAE Business Forum at the Rixos Marina Hotel in Abu Dhabi on Jan. 16.
Under the MOU, Medytox will establish a plant in Dubai to produce MT10109L, the world's first and only non-animal liquid toxin developed by Medytox. It plans to obtain a HALAL certification to target the global Muslim market and the Middle Eastern and European markets.
The UAE has succeeded in attracting a biopharmaceutical production plant, one of the key projects to prepare for the post-oil era, and created a representative case of economic cooperation between Korea and the UAE.
Medytox has promoted the establishment of an overseas production base for a long time and has chosen Dubai as the final location of its plant as Dubai offers easy access to the Middle Eastern and European markets and has an excellent business environment.
Medytox CEO Jung Hyun-ho was included in the UAE economic delegation accompanying President Yoon Suk-yeol.