Those traveling pants sure do get around. Alcon Entertainment and Alloy Entertainment announced plans today to develop The Sisterhood of the Traveling Pants film franchise as a stage musical.

Blue Spruce Productions, led by theatrical producer Scott Delman, has acquired the live theatrical rights from Alcon and Alloy and will serve as the project’s lead producer. Additional details will be announced shortly.

The projects was announced today by Alcon Entertainent’s Andrew Kosove and Broderick Johnson, co-founders and co-CEOs; and Alloy Entertainment’s(Les Morgenstein, President and CEO.

The companies agreed that Alcon and Alloy would maintain an option to invest in and co-produce the stage musical, with both retaining approval rights. Alcon and Alloy are expected to remain involved in the development of the production.

Alcon and Alloy co-produced both 2005’s The Sisterhood of the Traveling Pants and its 2008 sequel The Sisterhood of the Traveling Pants 2. Released by Warner Bros., the franchise – starring Amber Tamblyn, America Ferrara, Blake Lively, and Alexis Bledel – proved so popular that a third is said to be in the works. The films were based on Ann Brashares’s best-selling novels.

The stage musical deal was negotiated on behalf of Alcon Entertainment by Alcon’s EVP of Business and Legal Affairs Jeannette Hill and Loeb & Loeb LLP’s Stefan Schick; on behalf of Blue Spruce Productions by Daniel M. Wassser of Franklin, Weinrib, Rudell & Vassallo, P.C.; and by Matthew Bloomgarden on behalf of Alloy Entertainment. Jess Wittenberg of Warner Bros. Theatricals also represented Alloy Entertainment.