Allergan acquired regenerative medicine company LifeCell for $ 2.9 billion in cash, the company said on Tuesday. The deal is expected to be finalized early next year.
LifeCell’s products include acellular dermal matrices, most commonly used in breast reduction procedures and hernia surgeries.
LifeCell has manufacturing capabilities and R&D operations in New Jersey. Allergan, formerly based in Irvine where it has an eye and beauty care campus, also has offices in New Jersey.
The agreement serves as the entry point for Allergan into regenerative medicine, Brent Saunders, Allergan chief executive officer, said in a statement.
“This acquisition is an immediately profitable investment that improves our growth profile in the short and long term,” said Saunders.
Allergan was acquired for approximately $ 70 billion by Dublin-based Actavis in 2015. Since the acquisition, the company has been in acquisition mode.
In November, the company acquired Irvine-based Chase Pharmaceuticals for $ 125 million. Chase is a clinical-stage drug company specializing in Alzheimer’s disease.
Allergan also bought ForSight Vision5 for $ 95 million in August.
ForSight Vision5, based in Menlo Park, is developing a bimatoprost ring. The device treats glaucoma, an eye disease that can cause blindness, after being inserted under the eyelid.
Also in August, Allergan completed the $ 40.5 billion sale of its generic drug business to Teva Pharmaceutical Industries Ltd. In 2015, the company bought Aliso Viejo-based AqueSys for $ 300 million. AqueSys manufactures implants that lower intraocular pressure in people with glaucoma.
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