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.
About Foley Hoag LLP
Foley Hoag provides innovative, strategic legal services to public, private and government clients across the globe. We have premier capabilities in the life sciences, healthcare, technology, energy, professional services and investment management fields, and in cross-border disputes. Our professionals possess the skills and experience to provide exceptional senior level service to clients ranging from startups to multinational companies to sovereign states. For more information, visit www.foleyhoag.com or follow @FoleyHoag on Twitter.