Samyang secures contract for supplying filler with Chinese company
Ye-na Kim
May 25, 2023 (Gmt+09:00)
South Korea's Samyang Holdings announced on Thursday that it has signed a partnership agreement with Hangzhou Yxintent, a Chinese medical device and beauty company, for the biodegradable polymer filler Lapullen.
Under the agreement, Yxintent will conduct clinical trials and obtain approval for Lapullen in China. Once approval is granted, Yxintent will have the exclusive right to sell Lapullen in China.
Samyang Holdings agreed to supply Yxintent with approximately 100 billion won ($75 million) worth of finished products over the next five years. The company aims to secure a leading position in China's polymer filler market, which is growing at a high annual rate.
Lapullen is a facial cosmetic filler developed by Samyang Holdings. It is made with polycaprolactone (PCL), a medical-grade biodegradable polymer. It lasts for more than two years. Lapullen is said to have a low foreign body sensation and a natural appearance thanks to its patented technology. It was approved by the Ministry of Food and Drug Safety in 2021, and the results of a study that proved its long-term efficacy and safety were published in an SCI-level international academic journal.
Samyang Holdings is actively expanding the global market for Lapullen. It obtained product approval in Indonesia last month and is about to launch it locally. The company is also in talks with a number of countries in Latin America and Southeast Asia for export contracts.
"Yxintent has a large number of licensing experts and sales networks, so it will be able to quickly obtain product approval in China and increase market share," CEO of Samyang Holdings Biopharm Division Lee Young-joon said. "We plan to strengthen our cooperation in the beauty industry, starting with Lapullen and lifting thread Croky."