GS Group Acquires Korea's No. 1 Botulinum Toxin Maker
GS Group has become the new owner of Hugel, Korea's No. 1 botulinum toxin injection maker. The group has entered the medical and bio business for the first time since its foundation. Through synergy with GS Group, which has a vast overseas network, Hugel e is expected to accelerate its foray into oversea markets.
Hugel announced on Aug. 25 that a global consortium formed by GS Group has bought a 46.9 percent stake in the company for 1.7 trillion won. The consortium included CBC Group, an Asian bio and healthcare investment fund; Mubaldala, a sovereignty wealth fund of the UAE; and IMM Investment, a Korean private equity fund,
Founded in 2001, Hugel’s share of the Korean botulinum toxin market is estimated to be above 50 percent. It exports its products to 24 countries, including Japan, Taiwan and Vietnam. Last year, it posted 211 billion won in sales and 78 billion won in operating profit of, both record highs.
Hugel was the first Korean company and the fourth in the world to receive permission to sell botulinum toxin injections in China. China's botulinum toxin market is forecast to reach 1.75 trillion won by 2025.
Huesel is looking to secure a 10 percent share in China in 2021 and a 30 percent share in 2023.
In April 2021, the company established corporations in China and Taiwan for academic marketing activities targeting local medical professionals.
Since 2020, Hugel has applied for permission to sell products in Europe, the United States, Canada and Australia.