Allergan to acquire Australian biotech company Elastagen
On 7th February 2018, Elastagen, a clinical-stage Australian company that uses recombinant tropoelastin, has entered into a definitive agreement with Allergan for an upfront payment of $95mn (€77.6 mn) in addition to contingent, commercial payments.
Global biopharmaceutical company, Allergan, specialises in developing, manufacturing and commercialising branded pharmaceutical, device, biologic, surgical and regenerative medicine products for a variety of health and medical segments including dermatology and women’s health.
Accessing the ‘youth protein’
Allergan announced that it would be accessing Elastagen’s next generation Juvederm dermal filler injectable portfolio, which will now also boast its “key ‘youth protein’ tropoelastin”.
While the clinical stage tropoelastin platform provides multiple opportunities for aesthetics, scar remodelling and tissue repair, it also has the potential to contribute to the anti-ageing skin care sector.
Hailed as a key component of youthful skin, Elastagen’s technology utilises the flexible and bioactive protein, tropoelastin. “Identical” to that which is found in human tissue, tropoelastin can be used in a variety of skin care treatments, including those for acne scars, stretch marks and aesthetic skin repair.
“Our Juvederm collection of fillers has sales of over $1 bn (€815.2 mn) globally and is one of the fastest growing parts of our Aesthetics business,” commented Bill Meury, Chief Commercial Officer, Allergan.
“This acquisition and the development of next generation of injectables based on this technology will ensure Allergan offers innovative filler products for years to come.”
Then and now
Elastagen was first founded by Prof Weiss at the University of Sydney, who acquired the intellectual property rights to the elastin technology which the company was based on. Since its entry into the skin aesthetics sector, the company has received capital from various life science venture capital groups from Australia and overseas.
“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,” emphasised Prof Anthony Weiss, founding scientist, Elastagen.
Following the approval to commercialise Elastagen’s products, the new partnership will see Allergan offer infrastructure to support the company's future developments.
This transition will be completed once the necessary and customary closing conditions have taken place, including an analysis by Australia’s Foreign Investment Review Board. Completion of the transition is subject to customary closing conditions, including review by Australia’s Foreign Investment Review Board.