Q-Med and Medy-Tox entered into an collaboration agreement for botulinum toxin-based biopharmaceuticals. Q-Med will develop and commercialize new generations of these products for both esthetic and therapeutic indications.
Under the agreement, Q-Med will pay Medy-Tox milestones up to $8 million provided that specific targets are met. Medy-Tox is entitled to royalties on products developed by Q-Med that are based on its active pharmaceutical ingredients.
Medy-Tox retains the right of first refusal regarding distribution in India, Thailand, Singapore, and South Korea of newly developed botulinum toxin products.
In return for Medy-Tox’ support, Q-Med will provide an additional conditioned $3 million to help Medy-Tox expand its facilities in Ochang-myeon in South Korea.