Sirona Biochem and Obagi Medical Products to commercialise skin lightening compound
Global skin lightening market expected to total $19.8bn by 2018
Sirona Biochem Corp, a company that specialises in the stabilisation of carbohydrate molecules, and Obagi Medical Products, a specialty pharmaceutical company, have signed a letter of intent to commercialise the skin lightening compound TFC-849.
As part of the agreement, Sirona Biochem will provide a global exclusive licence to Obagi Medical Products to commercialise the compound, while Sirona Biochem will receive upfront and milestone payments, and ongoing royalty payments for global product sales.
Neil Belenkie, Chief Executive Officer of Sirona Biochem, said: “We are thrilled to be partnering with Obagi Medical Products to commercialise our skin lightening technology into a global market projected to reach $19.8 billion by 2018. Our goal is to grow this relationship, developing a pipeline of leading compounds for Obagi Medical Products for sale around the world.”