Pharmaceutical firm Allergan agreed today to acquire Australia-based dermatology product developer Elastagen for an initial $95m, allowing cosmetics producer AmorePacific’s corporate venturing unit, AmorePacific Ventures, to exit.
The size of the deal, which is subject to regulatory approval, could be increased by contingent commercial payments, the details of which were not disclosed.
Founded in 2005, Elastagen is developing tissue repair products based on human tropoelastin, a building block of elastin that gives skin, arteries and lungs tissue its elasticity.
The technology has applications in the treatment of acne scarring and stretch marks as wel as wound and aesthetic skin repair. It is based on research by Tony Weiss, professor of biochemistry and molecular biotechnology at University of Sydney.
Allergan will support Elastagen in advancing its products through the clinical stage and bringing the treatments to market as part of its dermal filler range, Juvederm.
Bill Meury, Allergan’s chief commercial officer, said: “Our Juvederm collection of fillers has sales of over $1bn 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.”
Elastagen raised $9.1m in an early 2016 series B round featuring AmorePacific Ventures, as well as Korea Investment Partners, Wellcome Trust, Brandon Capital Partners and GBS Ventures.
Cicada Innovations, the incubator jointly operated by University of Sydney, University of New South Wales, Australian National University and University of Technology, Sydney also took part in the series B round, under its old name of ATP Innovations.
Brandon Capital Partners and GBS Venture had previously supplied $3.4m of series A capital for Elastagen in 2008.
– Image courtesy of Elastagen Pty Ltd. The original version of this article appeared on our sister site, Global University Venturing.