Sirona Biochem Corp. announced the formal execution of the global exclusive licensing agreement with Obagi Medical Products for the commercialization of skin lightening compound TFC-849. Sirona Biochem will receive a licensing fee and ongoing royalty payments for global product sales from Obagi Medical Products.

Sirona will transfer its patented skin lightening technology and know-how to Obagi. Obagi will be responsible for the manufacturing, distribution and global sales of the final commercial products. Target launch of products including Sirona Biochem's TFC-849 is Fourth Quarter 2014 for Obagi.

The exclusive license for TFC-849 is valid for the global Valeant Pharmaceuticals family of companies.