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Beauty brand Living Proof, Inc. announced it 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 powerful direct-to-physician channel. The transaction is worth more than $75 million in upfront and milestone payments, as well as a 60/40 profit split. 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.
“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,” explains Jill Beraud, CEO of Living Proof.
Valeant (which also is set to acquire medical aesthetic device manufacturer Solta Medical) 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.
Strateris was invented by a team of researchers and clinicians at Living Proof led by Dr. Bob Langer, award-winning MIT Institute professor; Dr Betty Yu, an expert in tran-dermal drug delivery; and dermatologists Dr. Rox Anderson of Harvard University and Dr. Barbara Gilchrest of Boston University. Funded by Polaris Partners, the discovery of this technology has been in development for almost 10 years and has been tested on more than 600 women. 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.