Beauty and wellness investment company Waldencast plc (NASDAQ: WALD) announced on Wednesday that it has acquired Novaestiq Corp. along with the US rights to the Saypha line of hyaluronic acid injectable gels, significantly broadening the Obagi Medical skincare portfolio.

This strategic move positions Obagi Medical to expand beyond skincare into the growing US dermal filler market, effectively doubling the potential of its addressable market to USD4.2bn by 2029.

The acquisition includes the Obagi Medical Saypha ChIQ and MagIQ product lines, enabling Waldencast to deliver integrated skincare and in-office injectable solutions.

Saypha products, developed by Croma-Pharma GmbH, are marketed in over 80 countries and currently have a premarket approval application under review by the US Food and Drug Administration (FDA).

The deal also grants Waldencast access to a pipeline of future injectables for the North American market.

The transaction terms include cash, royalties, and up to 9.8 million Waldencast class A shares, contingent on FDA approval and revenue milestones through to 2031.