Dubai delegation conducts due diligence on Medytox's plant in Korea

South Korea's biopharmaceutical firm Medytox Inc. said on Monday that a high-level delegation led by Dubai Science Park (DSP) under Dubai's state-owned Tecom Group conducted due diligence on its second and third factories in Osong, North Chungcheong Province.

The latest visit to Korea was made as a follow-up to the agreement on the establishment of a finished toxin manufacturing plant that was signed last month. Medytox participated in President Yoon Suk-yeol's economic delegation to the United Arab Emirates (UAE) at the time.

Medytox Plant No. 2 is a production facility that meets US and European standards and is the world's only dedicated production facility for MT10109L, a non-animal liquid toxin formulation, the company said. Plant 3 is said to have been in operation most recently and is equipped with state-of-the-art production facilities for toxins and fillers.

"We have a great sense of responsibility to achieve our goal of establishing Korea’s first overseas toxin production base," said Jung Hyunho, CEO of Medytox. "As discussions are accelerating after the participation in the Presidential UAE tour, we will contribute to creating national interests by creating exemplary success stories."

DSP CEO Marwan Abdulaziz Janahi commented that Medytox’s excellent R&D capabilities and experience will positively contribute to the growth of the bio industry in Dubai.

"With the establishment of Medytox's DSP plant as a momentum, we expect that the science-based bio ecosystem will be strengthened and the cooperative relationship between the two countries will continue to develop," he added.

In parallel with the due diligence, it was also reported that the representatives of the two companies met with Seo Gyeong-won, head of the National Institute of Food and Drug Safety Evaluation, and Shin Joon-soo, director of the bio and herbal medicine bureau of the Ministry of Food and Drug Safety, to discuss support and development plans for Korean companies moving into the Middle East, and policy proposals to strengthen cooperation in the bio field.

"We will actively seek support at the government level for Korean pharmaceutical firms to enter the UAE," said Director Shin. "We will also expedite consultations between the two countries in the field of regulation so that domestic medicines can be subject to the UAE simplified licensing system."

Write to Yoorim Kim at youforest@hankyung.com