Allergan has completed the $2.9 billion purchase of Acelity’s subsidiary LifeCell, adding commercial products to its regenerative medicine portfolio, and LifeCell’s innovative manufacturing capabilities and its R&D operations, based in New Jersey.
The expenses for LifeCell Corporation, a regenerative medicine company, will be included in Allergan’s 2016 earnings results, as the shopping took place in December, 2016. Allergan will publish its financial results on February 8, 2017.
Allergan marked the acquisition as an important milestone for entering into regenerative medicine, and expansion or aesthetic and plastic surgery business.
Brent Saunders, Chairman and CEO of Allergan, said: “The combination of LifeCell’s novel regenerative medicine products coupled with Allergan’s innovative medical aesthetics and plastic surgery portfolio creates a more complete product offering for plastic surgeons globally.”
Acelity President and Chief Executive Officer, Joe Woody, said: “This milestone marks an important step in our continued evolution of Acelity. The completion of this sale to Allergan positions us for ongoing success by allowing additional focus in our areas of long-standing expertise. We look forward to fully dedicating our resources to strengthening our leading advanced wound therapies business and increasing our global growth opportunities in that space.”
Acelity said will use most of the $2.9 billio to repay all of the outstanding borrowings under the existing credit and redeem all of the outstanding aggregate principal amounts.
The LifeCell products include Acellular Dermal Matrices, commonly used in breast reconstruction procedures and complex hernia surgeries. Allergan said that the key products are Alloderm, a human allograft tissue matrix used in breast reconstruction post-masectomy; and Revolvetm, a single use high-volume fat grafting device used in plastic and reconstructive procedures.
Allergan also sees good marketing opportunity in LifeCell’s Stratticetm, a porcine based tissue matrix used in complex abdominal wall repair and for the surgical repair of damaged or ruptured soft tissue.