Could a $75 million dermatological deal inked Wednesday between Living Proof and Valeant Pharmaceuticals International Inc., eventually grow to a business the size of Botox?
According to Living Proof’s chief executive officer, Jill Beraud, the technology is “a game-changer,” which could eventually touch products from skin care to makeup and have a “huge impact” on the beauty category.
That creation, Strateris, is a proprietary cross-linking, breathable polymer film technology said to be flexible and imperceptible during daily use and which the company claims can reshape the appearance of skin within hours.
Valeant will sell a version of the film in a facial product targeting under-eye bags, which will bow in its direct-to-physician distribution — about 4,000 doors — in March, said Beraud. She added that the Living Proof team is already developing other products with the technology.
“Living Proof was founded as a problem-solution beauty company, and this unique technology is an important step in our mission of being a total beauty company,” said Beraud, who added that the company’s U.S. consumer distribution for its hair-care products grew 40 percent in 2013 to more than 1,000 retail doors including Sephora and Ulta, and its revenue grew 110 percent in the same period. “We started with the hair-care category, and now we are expanding to aesthetic dermatology. But this is a revolutionary technology that can go all over the body, so we see this as an enormous worldwide opportunity for numerous products.” She said she sees Brazil, Russia and Asia as markets with “huge unmet needs.”
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While Beraud declined comment on Living Proof’s revenues, industry sources estimated that the firm generated under $100 million in 2013.