China-based Bloomage Biotech (SHA: 688363) has revealed that a termination agreement has been signed with South Korea-headquartered Medytox Inc., and its subsidiary Bloomage Cayman, along with the joint venture (JV) Medybloom Ltd. This termination signifies the cancellation of two key agreements.
Cancellation of Joint Venture and Sole Agency Agreements
The first agreement, signed in May 2015, pertained to the development, expansion, and marketing of Medytox’s specific botulinum toxin type A for injection in China mainland. The second agreement, a sole agency agreement between Medytox and Medybloom, was signed in August 2016, designating Medybloom as the sole agent for relevant products. The termination of these agreements marks the end of the collaboration between the two companies.
Disbanding of Medybloom Ltd.
The collaboration was officially terminated on September 1, 2023, leading to the disbandment and write-off of Medybloom. This move is expected to have significant implications for both companies, particularly in relation to their operations and market strategies within the botulinum toxin sector in China.-Fineline Info & Tech
