Transaction creates a fully-integrated specialty pharmaceutical company focused on improving patient outcomes for urology & urogynecology disorders, colorectal conditions, radiotherapy and interventional oncology procedures
STOCKHOLM, Oct. 15, 2018 /PRNewswire/ -- Palette Life Sciences AB (formerly known as Pharmanest AB*) has entered into definitive agreements with Nestlé Skin Health to license worldwide commercialization and development rights for Deflux®, Solesta® and Barrigel™. Palette is currently developing Lidbree™ for pain relief for gynecological applications.
Key highlights for the Nestlé Skin Health transaction include:
- Exclusive rights to fully develop and commercialize the three products:
- Deflux – the only FDA-approved injectable treatment of vesicoureteral reflux (VUR), a malformation of the urinary bladder that affects 1% of children worldwide. VUR can cause severe infections of the urinary tract and lead to irreversible kidney damage.
- Solesta – the only FDA-approved injectable treatment for fecal incontinence, which is also cleared for commercialization in Europe. Fecal incontinence is a debilitating health problem afflicting about 2% of people worldwide with four times more prevalence in women than men.
- Barrigel – a biodegradable injectable treatment for protection of the rectal wall when treating prostate cancer with radiation. The product is approved in Europe and will be further developed for future market introduction in the US.
- Palette Life Sciences will focus immediately on commercialization activities for Deflux and Solesta, and will begin activities to enable worldwide commercialization of Barrigel.
- The license can enable future new products intended for management of urological and gastroenterological conditions, and protection of adjacent healthy organs and tissue during radiation therapy for cancer.
- The products are all based on the Nestlé Skin Health's well-known and widely utilized NASHA™ technology. Millions of patients have been treated with NASHA based products for various medical conditions world-wide. The most well-known NASHA product marketed by Nestlé Skin Health is Restylane®, a leading dermal filler.
- Nestlé Skin Health will continue to manufacture the licensed products on behalf of Palette Life Sciences.
- As part of the transaction, Pharmanest AB will be renamed Palette Life Sciences AB with offices in Sweden and the US.
*Name change pending
"We are very pleased with the transaction with Nestlé Skin Health. It represents a first and significant step in the development of a global medical device company with significant commercial assets in several underserved medical conditions," said Mattias Klintemar, Investor Director at The Baltic Sea Foundation, a lead investor in Palette Life Sciences. "Our ambition is to develop Palette Life Sciences into a global leader in the medical categories in which the company provides solutions."
In a comment on the partnership, Andrew J. Kirsch, M.D., Professor and Chief of Pediatric Urology at Emory University School of Medicine and Director of Robotic Surgery at Children's Healthcare of Atlanta said, "I have used endoscopic injection of Deflux for decades and I am enthusiastic about the new ownership's commitment to education and research within our subspecialty surrounding Deflux. We have studied Deflux extensively in a systematic fashion and have found it to be safe and effective in preventing UTIs (urinary tract infections) in children."
NASHA technology is easy to inject and can create a precise and firm gel texture intended for creating and maintaining a pronounced space in the body. This versatility is a benefit in a wide variety of medical applications including the creation and maintenance of space around cancer tumors during different forms of radiation therapy. NASHA gel was the first HA spacer used for to protect sensitive tissue such as the rectal wall during radiation treatment of prostate cancer in 2007.
"The NASHA technology offers an advanced gel solution for spacing critical healthy tissues from high dose target regions, preventing toxicities and giving physicians confidence that they are using a gel designed with the patient's safety in mind with a favorable ease of use," said Dr. Jean-Philippe Pignol MD, PhD, Professor of Radiation Oncology, Dalhousie University, Canada, and previous Chair of Radiation Oncology at Erasmus MC, Rotterdam, the Netherlands. "We have used this product on many patients and were very impressed by the possibility of sculpting with a great degree of precision the exact spacer we needed during radiation treatment. We are thrilled that Palette Life Sciences is bringing Barrigel to the market and will make it available to the radiation oncology field."
In addition to the newly licensed NASHA products, Palette Life Sciences' product portfolio includes Lidbree, a proprietary novel delivery technology that provides short-acting mucosal topical pain relief during placement of an intrauterine device (IUD). The product has additional potential applicability to other important medical procedures including certain types of hysteroscopies. Lidbree will be submitted for European regulatory review later this year.
Back Bay Life Science Advisors, an international strategy and M&A advisory firm, served as strategic and transaction advisor to Palette Life Sciences. Lindahl Law firm and Faber Daeufer & Itrato served as legal advisors.
About Palette Life Sciences
Palette Life Sciences is focused on providing a wide range of products and services that improve the quality of life for patients. Led by experienced healthcare executives, the initial company strategy is to transform applications of existing technologies to bring forward novel solutions for underserved conditions. Palette Life Sciences is headquartered in Stockholm, Sweden, with offices in Santa Barbara, California and Dallas, Texas. Learn more at www.palettelifesciences.com and www.pharmanest.se.
Deflux®, Solesta®, Barrigel™, Restylane® and NASHA™ are trademarks owned by Nestlé Skin Health. Lidbree™ is a trademark owned by Palette Life Sciences AB.
Palette Life Sciences Media Inquiries:
Mattias Klintemar, Investment Director, The Baltic Sea Foundation
+46 (0) 70 932 64 67
SOURCE Palette Life Sciences