AbbVie Signs Licensing Deal With Sirona Biochem For Effective New Hydroquinone Alternative
- AbbVie acquires the rights to market and commercialize Sirona’s breakthrough TFC-1067 compound
- AbbVie agrees to upfront, milestone, and royalty payments for patented molecules
- Sirona’s TFC-1067 is expected to become the new gold standard for skin lightening treatments
Vancouver, Canada, 15th June 2022, ZEXPRWIRE, Pharmaceutical giant and Botox maker, AbbVie (NYSE: ABBV) has signed a multi-year exclusive licensing agreement with Sirona Biochem (TSX-V: SBM) (FSE: ZSB) (OTC: SRBCF), a publicly-listed biotech research company. The deal will allow AbbVie to commercialize, develop, and market Sirona’s library of industry-disrupting skincare compounds, including their breakthrough TFC-1067 molecule.
Under the deal, AbbVie has agreed to pay Sirona an upfront payment for its technology as well as milestone payments. AbbVie also agreed to give Sirona an estimated 5% in royalties for sales generated from products using its patented molecules.
AbbVie has a significant presence in the aesthetics and cosmetics sector through its subsidiary Allergan Aesthetics. Analysts expect AbbVie to increase its stake in the $8 billion skin lightening market with its product line using Sirona’s technology. This means that Sirona could stand to make substantial annual royalty payments following the deal.
The two companies have not released the actual figures involved in the deal, including the amounts of the milestone and upfront payments, as they are restricted by standard contractual terms in the agreement. Royalty payments will continue through the life of the patents involved in the deal.
Dr. Howard Verrico, the CEO of Sirona Biochem, said the company’s technology should allow AbbVie to offer a safe and effective treatment that has long been lacking in the multi-billion-dollar market. He added that Sirona has been working extensively to ensure the efficacy and safety of its compounds, which could become the new gold standard in treating skin conditions such as melasma, hyperpigmentation, and dark spots.
Dr. Linda Pullan of Pullan Consulting, who helped facilitate the deal’s closing, echoed Verrico’s sentiments, adding that AbbVie’s global presence and Sirona’s disruptive technology will be a boon to the industry. Pullan said both companies could gain much growth from the deal from a commercial perspective.
Apart from its breakthrough TFC-1067 molecule, Sirona Biochem is also working on several other cosmetic ingredients and drugs using its proprietary technology. The company’s current pipeline includes compounds that can be used to treat age-related skin conditions, wrinkles, cellulite, and scarring. The company is also working on a treatment for diabetic animals and a different anti-viral treatment for humans.
Sirona Biochem and its chemistry team in France have created several patented compounds that are already being licensed by some of the largest pharmaceutical companies in the world. The company subsidiary, TFChem, has received multiple scientific awards and government grants.
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential. For more information, please visit https://www.sironabiochem.com
AbbVie’s mission is to discover and deliver innovative medicines that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people’s lives across several key therapeutic areas: immunology, oncology, neuroscience, eye care, virology, women’s health, and gastroenterology, in addition to products and services across its Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on Twitter, Facebook, Instagram, YouTube , and LinkedIn.
For more information about AbbVie’s Aesthetics unit, visit https://global.allerganaesthetics.com.
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