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.
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.”
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.”