Serica Technologies, Inc., a medical device company focused on the development of biodegradable silk-based scaffolds for use in tissue regeneration in numerous therapeutic areas, has been acquired by Allergan, Inc.
Following the acquisition from Morningside Technology Ventures, Prism VentureWorks, and Ivy Capital Partners, the company became a wholly owned subsidiary of Allergan.
Serica was formed in 1998 based on technology originating from Tufts University.
Prior to the acquisition, the company had raised less than $24m in equity financing from a syndicate that included Morningside, Prism, Ivy Capital Partners and various individual investors.
Allergan plans to continue operating the acquired company out of Serica’s state-of-the-art office, R&D, and manufacturing facility in Medford, MA.
The value of the transaction was not disclosed but it was reported that (Serica) stockholders received an upfront cash payment plus equity in a new company, Alacer Biomedical, Inc., which holds exclusive rights to Serica’s intellectual property within orthopedic and veterinary indications.