French medical device company BIOCORP (Euronext Paris:ALCOR) revealed on Tuesday that it is planning to work with HRA Pharma, an affiliate of consumer self-care products specialist Perrigo Company plc (NYSE:PRGO), to develop an innovative medical device that would provide instant relief and faster healing of skin injuries.

After an initial concept and feasibility study conducted by BIOCORP, the two parties entered into an initial development agreement to design, test and validate a device in compliance with MDR (EU Medical Device Regulation) and FDA (US Food and Drug Administration) requirements.

BIOCORP will oversee the industrialisation of this device and the qualification of the manufacturing, filling and packaging services at its plant in Issoire, France.

The exclusive agreement is said to be worth "in the lower single-digit millions region". BIOCORP will receive an initial milestone payment this year, followed by further payments based on progress from 2024 onwards.

"This new industrial agreement highlights all of BIOCORP's expertise, namely our historical core business -- plastic injection, pharmaceutical filling and packaging -- with our more recent skills in electronics and connected health," said Eric Dessertenne, CEO of BIOCORP.