Schwartz Medical Beauty, a new medical cosmetic company, has entered into a strategic agreement with San Francisco-based biotech company CELTA BioScience to build a manufacturing facility and supply base in the city, according to the company’s website.
The company will have its headquarters in the heart of the Bay Area, which is one of the fastest growing medical industries in the world, with an average annual growth rate of more than 6% in 2017.
The deal, which was first reported by The Hill, is expected to be finalized in the first half of 2018.
The announcement comes on the heels of the announcement of a partnership between Schwarts Medical Beauty and a subsidiary of NewYork-based drugmaker Pfizer.
The partnership will see Schwarted Medical Beauty develop a range of new products for patients including facial creams, face creams and other cosmetic products.
SchwARTZ Medical Beauty’s CEO, Ravi Gupta, has said that his company is aiming to be a leader in the cosmetics market.
“We believe in the power of the skin and want to use our own proprietary process to deliver our products to our customers,” Gupta said in a statement.
“By creating the most advanced skin care solutions, we are building a company that can be used across all types of dermatological conditions.
We are also committed to supporting our communities through education and innovation.”
Schwarte Medical Beauty also announced that it has launched a $50 million fund to expand its product line, including an expansion of its cosmetic lab and research facility.
“Our objective is to continue to deliver outstanding products and innovation in the industry to our patients, patients, and our communities, and we will do this through an all-inclusive, philanthropic model,” Gupta wrote.
“This is an exciting opportunity for us to create a world-class, award-winning medical and cosmetic company.”
The company’s announcement comes just one day after the launch of a $100 million fund aimed at boosting women’s health.
Schwartz MedicalBeauty is based in Silicon Valley, California.