Sirona Biochem has announced today the formal execution of the global exclusive licensing agreement with Obagi Medical Products (OMP) for the commercialisation of skin lightening compound TFC-849. Under the agreement, Sirona will receive a licensing fee and ongoing royalty payments for global product sales from OMP.
Sirona will transfer its patented skin lightening technology and know-how to Obagi, while Obagi will be responsible for the manufacture, distribution and global sales of the final commercial products. The exclusive licence for TFC-849 is valid for the global Valeant Pharmaceuticals family of companies.
“Obagi Medical Products is a premiere brand and provider of dermatological therapies worldwide,” said Neil Belenkie, CEO of Sirona Biochem. “The skin lightening market, projected to reach $19.8bn globally by 2018, provides an enormous commercial opportunity for both OMP and Sirona Biochem to provide safer, more effective therapies. We hope this is just the first of many opportunities to work with Obagi Medical Products and the Valeant Pharmaceutical family of companies”