Living Proof has entered into a global venture with Valeant Pharmaceuticals International, Inc. to develop, distribute and commercialize products for aesthetic dermatology that will be sold exclusively through Valeant’s direct-to-physician channel. The transaction is worth over $75 million in upfront and milestone payments as well as a 60/40 profit split, according to the companies.
The initial product development efforts in aesthetic dermatology will be based on Living Proof’s proprietary, cross-linking polymer film technology, Strateris, which reshapes the appearance of skin.
Funded by Polaris Partners, the discovery of the technology has been in development for almost 10 years and has been tested on more than 600 women, said Living Proof. Inspired by the attributes of youthful skin, the scientists devised a breathable, flexible and imperceptible film that can be worn all day to immediately reshape the appearance of skin. Strateris has core mechanical properties that are tuneable and could offer a diverse array of proprietary solutions to aesthetic dermatology challenges.
Strateris was invented by an interdisciplinary team of researchers and clinicians at Living Proof led by Dr. Bob Langer; Dr. Betty Yu, an expert in trans-dermal drug delivery; and world-renowned dermatologists, Dr. Rox Anderson of Harvard University and Dr. Barbara Gilchrest of Boston University.
Valeant and Living Proof plan to launch the first product to leverage the Strateris platform technology at the March 2014 American Academy of Dermatology conference. This first application of Strateris technology was developed to address the effects of aging on the appearance of the face, notably to reduce the appearance of under-eye bags and smooth wrinkles caused by lax skin within one hour of application.
“By combining Living Proof’s innovative R&D capabilities and entrepreneurial agility with Valeant’s enormous expertise and global scale in aesthetic dermatology, together we have created a powerful commercial opportunity,” explained Jill Beraud, CEO of Living Proof.