Allergan has entered into a definitive agreement to purchase US medical device company Acelity’s regenerative medicine company LifeCell for $2.9bn in a cash-based transaction.

LifeCell specialises in applications for plastic and reconstructive surgeries and abdominal wall procedures, with its portfolio comprising regenerative and reconstructive acellular tissue matrices for repair of soft tissue defects, as well as autologous fat grafting solutions.

Its Alloderm Regenerative Tissue Matrix enables strong, intact repair in breast reconstruction post-mastectomy procedures and other surgical applications by providing soft tissue reinforcement.

The Strattice Reconstructive Tissue is a porcine-based tissue matrix designed to reinforce soft tissue in challenging hernia repair procedures. It also consists of the single use high-volume fat grafting device, Revolve, which uses patients’ own fat to enhance volume in plastic and reconstructive procedures.

Following the transaction, Allergan’s product line of medical aesthetics, breast implants, and tissue expanders will be complemented by LifeCell’s regenerative medicines business, which is expected to increase the overall product offering to plastic and general surgery customers.

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

Allergan’s chief executive officer (CEO) and chairman 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.

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

“This acquisition is an immediately accretive investment that enhances our near-term and long-term growth profile with products that enjoy strong sales and are the leading choices for surgeons who rely on them for successful surgical procedures.”

Expected to be completed next year, the potential transaction is conditioned to regulations under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary closing conditions.

Allergan will be served by Guggenheim Securities and Barclays as financial advisors, as well as Debevoise & Plimpton as the lead legal counsel. J.P. Morgan Securities LLC and Goldman Sachs & Co will be serving as financial advisors to Acelity, while Simpson Thacher & Bartlett will provide legal counsel.