South Korea-based regenerative medicine company PharmaResearch announced on Thursday the signing of a strategic partnership agreement with VIVACY, a France-based global medical aesthetics company, to distribute its medical device brand Rejuran in the European market.

VIVACY is involved in the European medical aesthetics industry, with subsidiaries and branch offices across key cities in Europe to support its commercial and marketing network.

Through this strategic partnership, PharmaResearch aims to combine VIVACY's distribution network and its own expertise in the market to accelerate its brand's entry and presence in Europe.

The agreement is valued at approximately EUR54.5m over five years, and spans 22 countries, including the major Western European markets (United Kingdom, Germany, France, Italy, and Spain).

PharmaResearch plans to start distributing in the key European countries before the end of the year, followed by a phased rollout across the region.