Living Proof Enters Partners with Valeant Pharmaceuticals in Aesthetic Dermatology
Living Proof, Inc., the innovative, technology-based beauty company announced that they have entered into a global venture with Valeant Pharmaceuticals International, Inc. to develop, distribute and commercialize products for aesthetic dermatology which will be sold exclusively through Valeant's powerful direct-to-physician channel. The transaction is worth over $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, StraterisTM, which reshapes the appearance of skin.
Strateris was invented by an interdisciplinary team of researchers and clinicians at Living Proof led by Dr. Bob Langer, award-winning MIT Institute Professor; 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. Funded by Polaris Partners, the discovery of this revolutionary technology has been in development for almost 10 years and has been tested on over 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.
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," explains Jill Beraud, CEO of Living Proof.
Leerink Swann acted as advisor and Foley Hoag LLP acted as legal counsel to Living Proof during the transaction.
About Living Proof
Living Proof is a Private beauty company based in Cambridge, MA. The company was co-founded in 2005 by Dr. Robert Langer, the David H. Koch Institute Professor at MIT, and Jon Flint, the co-founder of Polaris Partners. Living Proof invents and markets, worldwide, proprietary beauty products that are developed using advanced biotechnology and materials science. The company has been granted 16 patents for technology used in haircare. With its discovery of the proprietary Strateris technology, Living Proof has created a completely new category in aesthetic dermatology.