Korean biotechnology corporation OliX Pharmaceuticals announced on the 9th that it has signed an exclusive scientific collaboration agreement with the French cosmetics corporation L'Oréal Group to develop new products in the beauty sector using OliX's proprietary technology.
The aggregate amount of the contract and specific research and development details were not disclosed.
This collaborative contract consists of a multi-year project and will proceed in a manner that includes but is not limited to cosmetics development, the company explained. If successful initial results are achieved through this partnership, both corporations plan to move toward an expanded collaboration phase based on this.
OliX Pharmaceuticals CEO Lee Dong-ki said, "We aim to achieve the best joint research outcomes by combining our robust platform technology with L'Oréal's century-long expertise in product development."
Ghiav Boullucci, L'Oréal's global managing director, noted, "L'Oréal believes that scientific discoveries occur at the intersection of biology and technology, and this shapes the future of beauty and longevity." He also added, "Through this collaboration, we aim to present the future of beauty and longevity to consumers."