Evolus has entered into a definitive agreement to be the exclusive US distributor of a line of five dermal fillers currently in late-stage development.

Evolus is partnering with Symatese, a privately held French company, to introduce the Evolysse line to its US customers beginning with the expected launch of the first two indications in the first half of 2025, followed by a third in 2026 and two more in 2027.

To gain the exclusive US distribution rights to the Evolysse line, Evolus will pay Symatese a total of €16.2 million (about $17.8 million), including an upfront payment of €4.1 million and €12.1 million of additional payments beginning in June 2025. Evolus will also pay Symatese a mid-single-digit royalty based on net sales and a transfer price for the product. The two companies will share responsibility for expenses related to the registration process for the two planned product launches in 2027. The initial agreement is for a term of 15 years, with automatic 5-year renewal provisions.

Once fully launched, the Evolysse portfolio will offer a complete range of filler solutions to cover the spectrum of indications including mid-face, nasolabial folds, lips and eyes.

According to Evolus, by adding a $1.6 billion US filler market opportunity to the existing $2.3 billion aesthetic neurotoxin market, the deal is expected to expand its total addressable U.S. market by 70% [1], with both markets expected to nearly double by 2028.[1] As a result of this product expansion, Evolus has raised its 2028 revenue outlook by $200 million to $700 million.

“Today’s announcement represents a material step in achieving our goal of transforming Evolus into a multi-product aesthetics company,” David Moatazedi, Evolus’ President and Chief Executive Officer, said in a company news release. “We are excited to expand our portfolio with Evolysse, a highly competitive filler line that complements our fast-growing aesthetic neurotoxin, Jeuveau. Injectables are the cornerstone of aesthetics with neurotoxins and dermal fillers as the top two aesthetic procedures in the US. Our customer-centric approach, existing digital infrastructure and distribution platform will power the launch of this innovative filler technology into the hands of our customers and their patients.”

“From a financial standpoint, this long-term partnership is highly capital efficient and expected to be gross margin and operating income accretive at scale,” Mr. Moatazedi said. “Using the available $50 million tranche of our credit facility with Pharmakon Advisors, we are funding our agreement obligations and expecting to carry Evolus to profitability in 2025.[2] This transaction expands our product portfolio with a differentiated filler product line and we gain access to a large and growing market estimated to nearly double in size by 2028.”[1]

Symatese has a unique and combined expertise in the field of hyaluronic acid and injection systems and is well known for the development of the latest generation of Restylane products in the United States based on XpresHAn Technology/OBT.

“For the last 25 years, Symatese has had a rich history in developing numerous products for aesthetic and therapeutic purposes,” Jean-Paul Gérardin, CEO of Symatese, said in the news release. “We are particularly excited to partner with Evolus in bringing our next-generation HA filler product line to the U.S. This innovative technology, which is supported by a robust global clinical development program, is based on a pioneering, gentler crosslinking technology that better preserves hyaluronic acid chains and aims to improve product performance and safety for the benefit of practitioners and their patients.”

Evolus will finance the transaction, including certain upfront transaction costs and related development and launch expenses, through a capital-efficient structure by drawing from its existing $50 million credit agreement with Pharmakon Advisors. It is the company’s expectation that this funding will be sufficient to support its operations through to profitability.

Evolus' 2028 revenue expectation for the organic growth of Jeuveau to $500 million remains unchanged. Assuming the Evolysse product line launches as described, the company expects to achieve $200 million in incremental annual sales by 2028. As such, the company is raising its 2028 revenue outlook to $700 million.