Allergan snatches Australian aesthetics company Elastagen for $95M

Botox-maker Allergan $AGN has acquired University of Sydney spin-off Elastagen, which has a product to treat stretch marks and acne, for $95 million.

Elastagen’s tech is based on human tropoelastin, the precursor of elastin and key component to youthful skin, the company says.

Bill Meury

For Allegan, the buyout is a way to shore up its aesthetics business.

“Our Juvederm collection of fillers has sales of over $1 billion globally and is one of the fastest growing parts of our Aesthetics business,” said Bill Meury, chief commercial officer at Allergan, in a statement. “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.”

Anthony Weiss

Commenting on the transaction, Elastagen’s founding scientist Anthony Weiss said: “Our technology has come a long way from the lab bench at the University of Sydney towards developing products for patients around the world. I thank my team at the University of Sydney and greatly look forward to seeing our science commercialized by Allergan.”

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