In 2021, CollPlant and AbbVie entered into an exclusive worldwide development and commercialization agreement for dermal and soft tissue filler products for the medical aesthetics market using CollPlant’s rhCollagen technology.
CollPlant Biotechnologies hit a milestone in the development of a regenerative dermal filler, and this achievement triggers a $10 million payment from AbbVie to CollPlant.
In 2021, CollPlant and AbbVie entered into an exclusive worldwide development and commercialization agreement for dermal and soft tissue filler products for the medical aesthetics market using CollPlant’s recombinant human collagen (rhCollagen) technology.
CollPlant has granted AbbVie a worldwide exclusive license to use its rhCollagen technology in combination with AbbVie’s proprietary technologies, for the production and commercialization of dermal and soft tissue fillers.
“We are very pleased with the significant progress made with the dermal filler program and the achievement of this milestone,” says Yehiel Tal, Chief Executive Officer of CollPlant, in a news release. “The collaboration with AbbVie provides us with the opportunity to co-develop what could be the first aesthetic product utilizing our rhCollagen with a worldwide leader in biopharmaceutical health.”
CollPlant’s rhCollagen is non-immunogenic and non-allergenic and enables tissue regeneration. “Hence, we believe that the regenerative dermal filler under development could create a paradigm shift in the medical aesthetics field,” he says.
“This achievement further validates CollPlant’s technology as the ‘gold-standard’ collagen for regenerative and aesthetic medicine,” Mr. Tal says. “We are extremely excited to have advanced this program to address a market estimated at $5.5 billion in annual sales, with a projected 10% compounded annual growth rate. We look forward to continuing a highly productive partnership as we drive the program towards potential commercialization.”
In 2021, CollPlant received an upfront payment of $14 million . In addition to the $10 million current milestone payment, CollPlant is also eligible to receive up to an additional $26 million in milestone payments for the dermal filler product as well as royalty payments and a fee for the manufacture and supply of rhCollagen.
