Allergan has acquired Elastagen, a spinout from University of Sydney, for an upfront consideration of $95m and contingent, commercial payments.
Elastagen, an Australia-based dermatology product manufacturer spun out from University of Sydney, today agreed to an acquisition by pharmaceutical firm Allergan for $95m in an upfront payment.
The deal also includes contingent, commercial payments but further details were not disclosed. The acquisition is subject to customary closing conditions and requires a review by Australian regulator Foreign Investment Review Board.
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 scars, stretch marks, wound and aesthetic skin repair.
The spinout 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 stages and bringing treatments to market, adding them to Allergan’s dermal filler portfolio, Juvederm.
Elastagen previously obtained $9.1m in series B funding in 2016 from investors including Cicada Innovations, then known as ATP Innovations, an incubator operated by University of Sydney, University of New South Wales, Australian National University and University of Technology, Sydney.
AmorePacific Ventures, the corporate venturing unit of beauty company AmorePacific, Korea Investment Partners, Wellcome Trust, Brandon Capital Partners and GBS Ventures also participated in the series B round.
Brandon Capital Partners and GBS Venture injected $3.4m in series A capital in 2008.
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 commercialised by Allergan.”
