I don't know who created it but it is in the catalog of "bears" available through the Broadway Bears program and that catalog is listed on-line. It is cute but I must admit it looks like Laura was having a bad hair day!
It's for a charity event called Broadway Bears, one of the many events which benefit Broadway Cares.
As you can see, stuffed bears (like Build-a-Bear) are made representing various Broadway characters. They're signed by the actor they represent and are auctioned off (at BB King's Club on 42nd Street) to benefit BC/EFA.
Bryan Batt (Broadway understudy extraordinairre and one of the stars of the AMC TV hit Mad Men) and Lorna Kelly of Southerby's lead the auctions.
It's great that Grease participated (since it's usually the dressers and costumers who make the bears.)
According to the Broadway Bears description, both Max and Laura have signed the Sandy Bear. Very cute. Love some of the bears they have although I really think the Cyrano bear and the Queen Elizabeth bear are great.