SOURCE: Stonebridge Associates

Stonebridge Associates

February 05, 2010 10:06 ET

Stonebridge Associates Advises Serica Technologies, Inc. on Sale to Allergan

BOSTON, MA--(Marketwire - February 5, 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, Inc.

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."

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.

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

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