Hogan Lovells represented Elastagen Pty Ltd. on the deal.
Elastagen Pty Ltd, a clinical stage company developing medical device products based on recombinant tropoelastin, today announced that it has entered into a definitive agreement under which Allergan plc, a leading global biopharmaceutical company, has agreed to acquire Elastagen for an upfront payment of US$95M plus contingent, commercial payments.
Elastagen’s revolutionary technology is based on recombinant human tropoelastin, the precursor of elastin which is a key component of youthful skin. Elastagen’s tropoelastin is identical to that present in human tissue, and has many potential clinical applications, including treatment for acne scars, stretch marks, aesthetic skin repair and surgical wound repair.
Completion of the transition is subject to customary closing conditions, including review by Australia’s Foreign Investment Review Board.
Elastagen is an exciting clinical-stage company with an advanced tissue repair platform based on tropoelastin. Tropoelastin is the building block of elastin, a key component of the skin, arteries and lungs that gives tissue its elasticity. Elastagen’s revolutionary recombinant human tropoelastin, is identical to that present in human tissue and has many clinical applications, including effective breakthrough treatments for acne scars, stretch marks, aesthetic skin repair and wound repair.
Elastagen has received investment from an international syndicate of venture groups including AmorePacific Ventures, Brandon Capital, Cell Innovation Partners, Cicada Innovations, GBS Ventures, Korea Investment Partners and the Wellcome Trust. In addition, Elastagen has received significant support from Australian Federal Government grants and the NSW State Government Medical Devices Fund (MDF).
Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a bold, global biopharmaceutical company. Allergan is focused on developing, manufacturing and commercializing branded pharmaceutical, device, biologic, surgical and regenerative medicine products for patients around the world.Allergan markets a portfolio of leading brands and best-in-class products for the central nervous system, eye care, medical aesthetics and dermatology, gastroenterology, women’s health, urology and anti-infective therapeutic categories. The Company, led by Brenton L Saunders, James C D’Arecca and Karen Ling, in 2017 recorded $16 Billion Revenues.
Hogan Lovells advised Elastagen with a team led by William Intner (Picture), Matt Johnson, Erin Howell and Adam Golden.
Law Firms: Hogan Lovells;
Clients: Elastagen Pty Ltd.;