BOSTON, MA--(Marketwire - February 05, 2010) -
Allergan, Inc., a leading multi-specialty
healthcare company, acquired Serica Technologies, Inc. (Serica), a developer
of silk-based biomaterials for aesthetic and reconstructive applications.
The transaction did not include rights to Serica's orthopaedic or veterinary
products, which have been spun-out to a new company, Alacer Technologies,
Stonebridge Associates, a boutique investment bank serving medical
technology companies, served as exclusive financial advisor to Serica in
this transaction. Led by Mitch Briskin, the Stonebridge team worked closely
with Serica to structure an overall transaction framework, negotiate deal
terms, and manage the due diligence process. "Stonebridge was engaged to
pursue a multi-path process that included co-development, licensing, and
strategic sale alternatives, as well as potential division of the product
opportunities. Ultimately, we were able to structure a transaction that
provided Allergan with rights to the markets they desired, an attractive
financial return for investors, and an opportunity to continue exploiting
the potential of silk-based biomaterials in orthopaedic and veterinary
indications," said Briskin.
Dr. Greg Altman, President and CEO of Serica, stated, "Not only did
Stonebridge possess in-depth knowledge of the strategic participants in our
target markets, they offered sound business and transactional advice that
was instrumental in achieving a successful outcome for all stakeholders."
Said Stephanie O'Brien of Morningside, the lead investor in Serica, "It was
clear from our first meeting that Stonebridge Associates was the right team
for Serica. Not only were we tremendously impressed by the caliber of their
work, we are very pleased with the return to investors. Allergan was the
right buyer for this technology and we are excited about the potential for
the retained orthopaedic and veterinary applications."
ABOUT STONEBRIDGE ASSOCIATES
Stonebridge Associates specializes in providing merger and acquisition
(M&A), divestiture, private placement, and strategic financial advisory
services to middle market and emerging growth technology companies. Applying
industry experience and structuring expertise to every engagement,
Stonebridge Associates develops creative solutions to help clients achieve
superior outcomes. Since 1986, Stonebridge has closed over $3 billion in
private financings and advised on over 300 M&A transactions and advisory
assignments. Member FINRA/SIPC.
ABOUT SERICA TECHNOLOGIES, INC.
A growth-stage medical device company, Serica develops silk-based
biomaterial platforms that may be used in tissue repair. By leveraging the
elegance, purity, and strength of natural silk in combination with advances
in biomedical engineering, Serica addresses unmet clinical needs in the
repair of damaged connective tissue caused by disease, trauma, or aging.
Serica's proprietary products, currently in preclinical and clinical stages
of development, are being studied for use in orthopaedics and sports
medicine, aesthetic and reconstructive plastic surgery, and several other
structural tissue repair applications.
Morningside is a diversified investment group founded in 1986 by the Chan
family of Hong Kong. The Chan family founded the Hang Lung Group in Hong
Kong in 1960. Morningside is engaged primarily in private equity and venture
capital investments. The group has investments in North America, Europe,
across Asia-Pacific, and since 1992, in Mainland China. Morningside was one
of the earliest institutional investors in China's internet industry and in
recent years has been a leader in China's emerging biotechnology sector.
For additional information regarding this transaction, please contact:
Mitchell Briskin, Managing Director, Stonebridge Associates at (617) 357-1770 or