US-based drugmaker Allergan has signed an agreement to acquire Acelity’s regenerative medicine unit LifeCell in a deal valued at $2.9bn.

The acquisition will combine LifeCell's business, including its portfolio of dermal matrix products with Allergan's portfolio of medical aesthetics, breast implants and tissue expanders.

These product lines are together set to create a new aesthetic and regenerative medicine business providing an opportunity to improve the overall product offering for plastic and general surgery customers worldwide.

Allergan anticipates that LifeCell assets will generate about $450m in revenue this year.

Allergan chairman and CEO Brent Saunders said: "The acquisition of LifeCell is both strategically and financially compelling to Allergan and serves as our entry point into regenerative medicine as we create a world-class aesthetic and regenerative medicine business in plastic surgery. 

"LifeCell's regenerative medicine unit is a strong fit with our existing business and can be significantly strengthened with our infrastructure and global reach."

“LifeCell's regenerative medicine unit is a strong fit with our existing business and can be significantly strengthened with our infrastructure and global reach.” 

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The commercial portfolio of LifeCell features Acellular Dermal Matrices that are commonly used in breast reconstruction procedures and hernia surgeries to provide soft tissue support.

Key products of the portfolio include Alloderm, a human allograft tissue matrix and Revolve, a single use high-volume fat grafting device.

LifeCell also markets a porcine based tissue matrix called Strattice that is used in complex abdominal wall repair and for the surgical repair of damaged or ruptured soft tissue.

It has also developed Artia, a porcine based tissue matrix, which is launched in some European markets.

Allergan will also acquire LifeCell's manufacturing capabilities and its R&D operations in New Jersey. 

The transaction is expected to close during the first half of next year.