A biopic on the life of Mattel founder Ruth Handler is in the works. Titled Dream Doll, the film traces the life of Handler, who founded the company in 1945 and went on to create the iconic Barbie doll in 1959.

Handler, who named the doll after her daughter Barbara, was diagnosed with breast cancer in 1970 and died in 2002. She was also the first woman to head a Fortune 500 company.

Oscar-nominated writer Melisa Wallack will adapt the script from the 1995 memoir, Dream Doll: The Ruth Handler Story. The film will be produced by Rita Wilson, Cristan Crocker, Andrea Nevins, and Bron Studios.

In a tweet, Rita expressed her elation over getting to "tell the phenomenal story of Ruth Handler, inventor of the Barbie doll and founder of Mattel."

More updates about the cast and crew of the film are expected to be announced soon.