Daewoong names Nabota chief as new co-CEO

Daewoong Pharmaceutical, South Korea’s leading pharmaceutical company, is expected to appoint Vice President Park Seong-soo as its new co-CEO during its annual shareholders meeting in March, according to industry sources Wednesday.

“Daewoong aims to accelerate the expansion of its overseas businesses with Park's appointment,” a source familiar with the internal matter said on condition of anonymity.

Park has held diverse positions, handling global issues since he became the company’s global business division head in 2009. In 2011, he led the US office.

In 2015, he also started leading the company’s botulinum toxin Nabota business, contributing to the drug’s global success.

Under the co-CEO system of Jeon Seng-ho and Lee Chang-jae, Park played a key role for Navota in getting FDA approval and debuting in the all-important US market.

Park contributed to boosting Nabota’s overseas sales as well. Last year, Nabota’s total sales came to 147 billion won ($110 million), and 80 percent of the sales were from foreign markets.

Park also spearheaded the global launch of Daewoong’s gastroesophageal reflux disease (GERD) drug Fexuclue, Korea’s 34th new drug. After its domestic launch in 2022, the firm launched the drug in the Philippines and received regulatory approvals in Mexico, Ecuador and Chile. The company has also signed export contracts with six countries, including the UAE and India, and is waiting for approval in an additional 13 countries, including China and Saudi Arabia.

In recent years, Park also helped the company nurture its regional office in Indonesia, an official from the company said.

Meanwhile, Park’s predecessor Jeon is expected to step down from his post in March after his six-year term at the company. He will be leading Daewoong Investment and AffyXell, a joint venture established in January 2020 by Avacta and Daewoong to develop novel mesenchymal stem cell therapies.

The other co-CEO Lee is expected to retain his position.