Allergan bolsters skincare portfolio with Elastagen acquisition for $95 million
pharmafile | February 7, 2018 | News story | Research and Development, Sales and Marketing | Allergan, Elastagen, M&A, MA, pharma
Pharma’s M&A train keeps on going as news breaks that Allergan has picked up University of Sydney spin-off Elastagen for $95 million. The deal means that multi-national biopharma firm acquires Elastagen’s tropoelastin, which is used to treat acne scars and stretch marks, to complement its own skincare portfolio, which includes the famous product Botox.
Elastagen’s product is based on tropoelastin found in the human body, which is a precursor to the highly elastic protein elastin and allows tissues to maintain their shape, resulting in youthful-looking skin.
“Our technology has come a long way from the lab bench at the University of Sydney towards developing products for patients around the world,” commented Professor Anthony Weiss, Elastagen’s founding scientist. “I thank my team at the University of Sydney and greatly look forward to seeing our science commercialized by Allergan.”
In 2016, Elastagen closed a £13 million Series B financing round, attracting investors including the Wellcome Trust, AMOREPACIFIC Ventures and Korea Investment Partners, while existing investors Brandon Capital Partners, ATP Innovations and GBS Ventures also participated. The company was also one of the inaugural recipients of the NSW State Government Medical Devices Fund in 2013.
Bill Meury, Chief Commercial Officer at Allergan, said of the deal: “This acquisition and the development of a next generation of injectables based on this technology will ensure Allergan offers innovative filler products for years to come.”
Matt Fellows
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