Allergan, the maker of Botox, has announced the acquisition of Syndey-based biotech firm Elastagen for US$95 million.
The acquisition will see Allergan, a multi-billion dollar global biopharmaceutical company, purchase the University of Syndey spin-off Elastagen in an upfront payment.
A clinical stage company, Elastagen develops medical device products based recombinant tropoelastin, which, being identical to human skin, has many potential clinical applications such as stretch mark and surgical wound repair.
Bill Meury, Chief Commercial Officer at Allergan said, “Our Juvederm collection of fillers has sales of over $1 billion globally and is one of the fastest growing parts of our Aesthetics business. 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.”
As well as receiving financial support from Australian Federal Government grants and NSW State Government Medical Devices Fund (MDF), Elastagen has until now been funded by an international syndicate of international venture groups, AmorePacific Ventures, Brandon Capital and Cell Innovation Partners, and Cicada Innovations.
Elastagen’s Founding Scientist Prof 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.”