Botox-maker Allergan just picked up a regenerative medicine company for $2.9 billion
Allergan is acquiring regenerative medicine company LifeCell for $2.9 billion, the company said Monday.
The purchase is Allergan's first step into regenerative medicine, which it plans to apply to the plastic surgery space.
"The acquisition of LifeCell is both strategically and financially compelling to Allergan and serves as our entry point into regenerative medicine as we create a world-class aesthetic and regenerative medicine business in plastic surgery," Allergan CEO Brent Saunders said in a statement Tuesday.
Allergan was slightly down Tuesday morning on the news.
The deal closes out a year of deals for Botox-maker Allergan. In the month of September and beginning of October, Allergan committed $3.67 billion to acquisitions and investments, followed by more deals later in October and in November.
LifeCell's expected to generate $450 million in revenue in 2016, Allergan noted in a release. Its main products are tissue materials that are used in breast reconstruction and abdominal wall surgeries.