Allergan Acquires Serica Technologies

Allergan Inc. has purchased Serica Technologies Inc. for an undisclosed amount, according to Morningside Technology Ventures, Prism VentureWorks and Ivy Capital Partners.

Stockholders to Serica Technologies, a growth-stage medical device company with a focus on the development of biodegradable silk-based scaffolds to be used in tissue regeneration, have received an upfront cash payment plus equity in a new company, Alacer Biomedical Inc. The firm holds exclusive rights to Serica’s intellectual property within the orthopedic and veterinary areas.

Serica, based in Medford, Mass., was formed in 1998. Prior to the acquisition, Serica had raised less than $24 million in equity financing from Morningside, Prism, Ivy, as well as individual investors.

“Our dedicated team created a truly revolutionary biomaterial platform and then demonstrated its utility in a number of medical indications. Given Allergan’s expertise across multiple health care specialties, they were able to quickly gauge the great potential of our technology platform,” said Gregory H. Altman, Ph.D., CEO and founder of Serica.

Allergan, which develops and commercializes pharmaceuticals, biologics and medical devices and is headquartered in Irvine, Calif., plans to continue operating Serica out of its office, research and development and manufacturing facility in Medford.