Foley Hoag Advises Living Proof on Global Strategic Partnership with Valeant Pharmaceuticals
January 29, 2014
Foley Hoag LLP recently advised Living Proof, Inc., the innovative, technology-based beauty company, in its entering 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, Strateris™, 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.
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.
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