Anika Therapeutics, Inc. has signed an exclusive worldwide development and commercialization agreement with Galderma Pharma S.A., a joint venture between Nestle and L'Oreal, for cosmetic tissue augmentation (CTA) therapies. CTA therapies are used in patients for the correction of facial wrinkles, scar remediation, and lip augmentation.
Anika will receive an upfront payment of $1 million with additional milestone payments to be made upon receipt of final regulatory approvals and upon achievement of sales thresholds and development targets. The agreement also provides Anika with royalties and transfer payments for the supply of CTA products, an Anika release said.
"We are delighted to reach agreement with Galderma and excited about the potential growth in this expanding aesthetic marketplace," said Anika president and chief executive officer Charles H. Sherwood, Ph.D. "Galderma's demonstrated marketing and distribution expertise, and outstanding reputation for success has established them as one of the premier dermatological companies. We look forward to working together to meet the needs of patients."
"We believe Anika's know-how has tremendous potential to produce innovative solutions to currently unmet needs in Aesthetic Dermatology. Galderma's commitment to bring products to market worldwide reflects our long term commitment to continuously strive to meet the needs of dermatology patients," says Humberto C Antunes, chief executive officer of Galderma.
Under this multiyear agreement, which is subject to earlier termination pursuant to certain events, Galderma will also reimburse certain development costs for enhancement of the initial product, line extensions, and clinical trial support. Anika anticipates filing amendments to its existing regulatory applications with the FDA and European Union regulators to enhance features of its CTA product. Commercialization of the enhanced version of the CTA product is estimated to commence mid-2007.