Acelity
said today that it closed the sale of its regenerative medicine unit, LifeCell, to Allergan (NYSE:AGN) for $2.9 billion in cash.
The deal brings LifeCell’s regenerative medicine and reconstructive portfolio to Allergan, joining a portfolio of medical aesthetics, breast implant and tissue expander product lines. Dublin-based Allergan said it expects to bring in $450 million in revenue this year, growing at a mid-single digit rate.
“This milestone marks an important step in our continued evolution of Acelity,” Acelity president & CEO Joe Woody said in prepared remarks. “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.”
Included in LifeCell’s portfolio are dermal matrices developed for breast reconstruction and complex hernia surgies, as well as Alloderm human allograft tissue matrix for soft tissue repair or replacement. The company’s Revolve single use high-volume fat grafting device and the Strattice and Artia porcine tissue matrices will also move to Allergan.
Allergan will pick up LifeCell’s New Jersey-based manufacturing and R&D operations as a part of the deal.
“We are incredibly excited to continue to support Acelity as it further expands its advanced wound therapy solutions, both through the introduction of innovative products and through targeted acquisitions,” Acelity chairman Buddy Gumina added.
Last month, Acelity spiked an initial public offering that could have brought in as much as $1 billion.
Formerly Kinetic Concepts Inc., Acelity was acquired for $6.1 billion by Apax Partners and a pair of Canadian pension funds in November 2011. The wound care company later folded KCI sister company LifeCell into the Acelity brand.
In August last year, the company registered for the IPO and planned to list on the New York Stock Exchange. But later that year, Acelity asked the SEC to withdraw its registration.
