A boardroom deal has been struck between Fusion founder and owner Randi Shinder and Melynk, owner of leading US pharmaceutical group Biovail Corp, according to a report in the Ottawa Citizen.
Ms. Schinder said the deal is estimated to net $85m and will see her remain as the company's CEO, as she will still retain a significant stake in the company.
Fusion Beauty hit the big time in January 2005, with its flagship product, Lip Fusion, a micro-injected collagen lip plump that combined French collagen technology in a product that claimed to help give users fuller lips without having to resort to injections.
The product line proved to be a big hit and was reported to be the biggest selling product in Sephora's North American stores within the first month of its launch.
Schinder also developed Jessica Simpson's Dessert Beauty, an edible cosmetics line, that proved to be a big hit.
She has also contributed to the development of five distinct division that have helped define the Fusion Beauty concept, which include Lip, Lash, Lift, Glow and Gift.
"It was a decision about choosing the right partner for us as this stage more than anything else," Schinder was quoted as saying in the report.
Most recently, Fusion Beauty has introduced a topical-injectable anti-wrinkle alternative to doctor-administered products such as Botox by building on the collagen technology used in its LipFusion product line.
The company claims that the Micro-Injected MTox Transdermal Face Lift has proven to be more effective than Botox at eliminating facial lines and wrinkles in a recent clinical study.
The fit with the Biovail business is said to be a good one because it will provide Fusion Beauty with further research and development opportunities through access to Biovail's comprehensive labs and the range of advanced technology hat it has incorporated into its range of pharma products.
Biovail's best know brand is Zovirax, an ointment for cold sores that is marketed throughout the US. It also markets products to treat anxiety, angina and high blood pressure sold in both the US and Canada.
