Evolus in ‘dermal fillers’ licensing pact with Symatese in stock and cash deal

Evolus announced it has entered into a definitive agreement with Symatese to be the exclusive distributor in the United Kingdom U.K and Europe of four unique dermal fillers in late-stage development with anticipated regulatory clearances in second half of 2024 and commercialization under the brand name Estyme fillers in 2025. It is the second agreement made with Symatese this year – with the first obtaining exclusive distribution rights to the same product line in the U.S., where it will be commercialized under the brand name EvolysseTM in 2025. As a result of the geographic expansion of the filler line, the company has doubled its total addressable international market to $1.8B…”We are extremely excited to expand our partnership with Evolus beyond the U.S. to now include the U.K. and Europe. We firmly believe in the growth opportunity for our innovative filler lines in these markets and also in Evolus’ accelerating growth in the neurotoxin market. As such, we have agreed to receive payment for the license for the European markets in the form of Evolus’ common shares. We have complete confidence in the Evolus team, and we look forward to pursuing this exceptional growth opportunity together,” said Jean-Paul Gerardin, CEO of Symatese. In exchange for the exclusive distribution rights in the United Kingdom and Europe, Evolus will issue 610,000 shares of the company’s common stock to Symatese. Two milestone payments will be made: EUR 1.2M on the second anniversary of certain regulatory approvals currently expected to be achieved in 2026, and EUR 1.9M on the earlier of the third anniversary of certain regulatory approvals or following a year in which Evolus achieves EUR 25 M in revenue in Europe, currently expected to be achieved by 2027, both of which will be after the commercialization of the applicable products. This agreement has no material impact on the company’s continued expectation to be fully funded to profitability by 2025. Evolus will also pay Symatese a mid-single-digit royalty based on net sales and a transfer price for the product. Symatese will be responsible for the development of the products, including clinical studies, product testing and the conduct of regulatory activities required to obtain and maintain all necessary regulatory approvals. The initial agreement is for a term of 15 years, with automatic five-year renewal provisions.