Valeant Pharmaceuticals has joined forces with a beauty device maker in an effort to reshape the polymer film technology for the skin care category and bring it to a new level.
The Canadian subsidiary of Valeant Pharmaceuticals first expanded into the cosmetics sector back in 2010 when it acquired Vital Science Corporation.
Now, it has teamed up with technology specialist 'Living Proof' to develop its’ cross-linking polymer film technology 'Strateri's into a product that reshapes the appearance of skin.
Scientists are said to have devised a breathable, flexible and imperceptible film that can be worn all day to immediately alter the quality of the skin.
Goal is to expand cosmetic device range
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,” says Jill Beraud, CEO of Living Proof.
The transaction is worth over $75 million in upfront and milestone payments as well as a 60/40 profit split, and the companies plan to launch the first product to leverage the Strateris platform technology at the March 2014 American Academy of Dermatology conference.
Award winning technology
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.