Korea has approved the transfer of state-funded technology for the production of botulinum toxin, or better known as Botox, to a U.S. firm.
Korea’s Medytox Company will receive over $362-million from U.S.-based Allergan, making it the largest overseas sale in the biomedical sector in Korea.
In exchange Allergan will receive the exclusive rights to sell products derived from the technology throughout the world except in Korea.
The Ministry of Trade, Industry and Energy says it expects the deal will pave the way to boost further exports of the country’s biomedical industry.
The development of the botox technology was partly funded by the Korean government of around $4.3-million.