SEOUL, South Korea, June 7, 2023 /PRNewswire/ -- South Korean company Samyang Holdings Biopharm Group, led by representative Lee Young-joon, is set to expand into the global medical aesthetics market with its biodegradable polymer filler, Lafullen®.
Samyang Signs Partnership Agreement with Yxintent, China for Dermal Filler Lafullen®
Samyang Holdings signed a partnership agreement with Hangzhou Yxintent, a Chinese medical devices and aesthetics specialist company for the export of Lafullen® at Samyang Discovery Center in Pangyo. Through this contract, Yxintent will conduct clinical trials and obtain approval for Lafullen® in China, and once approved, will exclusively sell Lafullen® in China. Being the first Korean company entering the China's biodegradable polymer dermal filler market, Samyang Holdings plans to supply about KRW 100 billion worth of finished products over the next five years. With this export agreement with Yxintent, Samyang Holdings plans to take the lead in China's rapidly growing polymer filler market.
Lafullen® is a dermal filler developed by Samyang Holdings Biopharm Group. It is primarily composed of biodegradable polymer substance called polycaprolactone (PCL) that has a duration of over two years. In 2021, it obtained approval and was recognized for its excellent qualities with its long-term effects and safety being published in a Scientific Citation Index(SCI) international academic journal.
Samyang Holdings has recently been intensifying its global entry into the filler market. In April, Lafullen® obtained approval in Indonesia while discussing export contracts with many countries in Central and South America as well as Southeast Asia.
President Lee Young-joon of Samyang Holdings Biopharm Group stated, "Yxintent possesses a large number of experts in the field of large-scale approval, as well as sales networks, so we anticipate quickly obtainingproduct approval and increasing market share in China," and added that they intend to gradually strengthen partnerships in the medical aesthetics field, such as Lafullen® and lifting thread product, Croquis®.
Chairman Evan Wang of Yxintent stated, "Samyang Group has a long history and outstanding technology, so the expectation for Lafullen® is high," and added that they intend to form close partnerships with Samyang Holdings to ensure successful entry of Lafullen® into the Chinese market.
