SYDNEY University offshoot Elastagen has been acquired by Allergan, in a deal worth US$95 million up front plus contingent commercial payments.
Elastagen has developed technology based on recombinant human tropoelastin, a key component of youthful skin.
Potential clinical applications include treatment for acne scars, stretch marks, aesthetic skin repair and surgical wound repair.
Allergan chief commercial officer Bill Meury said the purchase represented a "new generation of injectables" which will ensure the company can offer innovative filler products for years to come.
Elastegen founding scientist, Professor Anthony Weiss, said the technology had come a long way from the lab bench, adding he "greatly looks forward to seeing our science commercialised by Allergan".
Elastagen is part of the Medical Research Commercialisation Fund portfolio, with key investors including the Wellcome Trust.
The takeover by Allergan is still subject to approval by the Foreign Investment Review Board.
In 2013 Elastagen received $4 million in funding from the NSW State Government Medical Devices Fund, and will repay the funding amount as a result of the deal.
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