SkinBioTherapeutics PLC (LON:SBTX) has inked a commercial agreement for its skincare product with FTSE 100 specialty chemical company, Croda International Plc (LON:CRDA).
It secures the AIM listed life sciences group its first deal and also provides third-party validation of its technology.
Full financial terms were not revealed; however, SkinBioTherapeutics will received “tiered royalties” on sales of any products that result from the partnership.
The company will be working with Croda unit Sederma, which will design and manufacture “new unique, sustainable, cosmetic ingredients, focusing specifically on the growing skincare actives market”.
“This deal offers the potential for SkinBiotix to be incorporated into some of the world’s biggest cosmetics brands, which was always the vision that we had for the technology,” said Dr Cath O’Neill, SkinBioTherapeutics’ chief scientific officer.
The agreement leaves the company free to pursue commercial applications in other sectors.
Sederma managing director Arnaud Fournial said his group had been drawn to SkinBiotix discovery because of its “solid scientific foundation”.
“We believe the technology has the potential to become an essential and significant component of cosmetic products within the rapidly emerging skin microbiome market,” he explained.
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