Allergan said on Feb. 7 that it has decided to acquire Australia-based biotech firm Elastagen in a deal worth over US$95 million in a bid to expand its injectable portfolio.
Elastagen, which was spun off from the University of Sydney, has technology based on human tropoelastin with potential applications in aesthetics, scar remodeling and surgical wound repairs.
“The acquisition and development of a next generation of injectables based on this technology will ensure Allergan offers innovative fillers products for years to come,” said Bill Meury, chief commercial officer at Allergan.
The transaction is one of the exit options that the company had. In August last year, Elastagen reportedly considered floating its shares on the Korean stock market in 2018 after attracting investments from Korea Investment Partners and Amorepacific Ventures. In 2016, Elastagen closed a US$13 million financing round from investors including the two Korean venture capital companies.
By Park Han-na (email@example.com