Drugmaker Allergan had some big news on Tuesday morning. The company announced that it woud be acquiring LifeCell in an all cash transaction for $2.9 billion.
LifeCell, which is a regenerative medicine unit owned by privately held Acelity, is the twelfth acquistion for Allergan this year.
According to Allergan, Lifecell’s 2016 sales are expected to be $450 million and grow at a mid-single digit rate.
The company said that LifeCell makes regenerative tissue products that are commonly used in breast reconstruction procedures and complex hernia surgeries to provide soft tissue support. The products will support Allergan’s portfolio of medical aesthetics, breast implants and tissue expanders.
The deal is expected to close in the first half of 2017.
Disclaimer: We have no position in Allergan (NYSE: AGN) and have not been compensated for this article.