CollPlant Biotechnologies (NASDAQ: CLGN) today announced it has entered into a worldwide exclusive development and commercialization agreement for dermal and soft tissue filler products with Allergan Aesthetics, an AbbVie company.
CollPlant has granted Allergan Aesthetics worldwide exclusivity to use its plant-derived recombinant human collagen (rhCollagen) in combination with Allergan Aesthetics' proprietary technologies, for the production and commercialization of dermal and soft tissue fillers. In addition, Allergan Aesthetics has the right of first negotiation for CollPlant's technology in two future additional products.
CollPlant will receive an upfront payment of $14 million and is entitled to receive up to an additional $89 million in milestone payments. In addition, CollPlant is eligible to receive royalty payments and a fee for the manufacture and supply of rhCollagen to Allergan Aesthetics.
Yehiel Tal, Chief Executive Officer of CollPlant, stated, "We are very pleased to formalize this collaboration with Allergan Aesthetics, the worldwide leader in dermal and soft tissue fillers. We believe that combining technologies from Allergan Aesthetics and CollPlant will create a paradigm shift in the medical aesthetics field. CollPlant's rhCollagen is non-immunogenic and non-allergenic, and offers better tissue regeneration performance over animal-derived collagen which is currently used in medical aesthetics. This agreement further validates CollPlant's technology as the gold standard collagen for regenerative and aesthetic medicine. We look forward to a highly productive partnership."
Roger J. Pomerantz, MD, FACP, Chairman of the Board of Directors at CollPlant, said, "Our company is extremely excited to expand our work in medical aesthetics towards commercialization in the dermal filler market, which is projected to reach $10 billion by 2026. This collaboration is a major step forward, firmly placing CollPlant at the next level in applying our regenerative medicine technology to tackle new areas in biomedicine."
For more information, visit http://www.collplant.com
