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Print Edition StoriesFriday, February 5, 2010
Biomaterials firm Serica acquired by Allergan
By Mass High Tech staff
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Medford-based Serica Technologies Inc. has been acquired by Allergan Inc., a California pharmaceutical, biologics and medical device developer.
Under terms of the deal, Serica is operating as a wholly owned subsidiary of Allergan and will continue working out of its R&D and manufacturing facility in Medford. Serica stockholders pulled in a cash payment and equity in another firm, Alacer Biomedical Inc., which holds exclusive rights to Serica’s intellectual property, as related to orthopedic and veterinary applications. Neither company revealed the financial terms of the acquisition.
Serica raised about $14.5 million in venture capital fundraising from Prism VentureWorks, Morningside Technology Ventures and Ivy Capital Partners.
Serica develops silk-based biomaterial used to repair tissue and ligaments. Formerly named Tissue Regeneration Inc., the company was founded in 1998 by Gregory Altman. Altman, CEO of the company, developed the firm’s technology after he ruptured his anterior cruciate ligament, or ACL, while playing varsity football at Tufts University.
In February 2009, Serica was granted U.S. Food and Drug Administration 510(k) clearance for its SeriScaffold soft tissue repair technology.
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