Morningside Technology Ventures, Prism VentureWorks, and Ivy Capital Partners has announced that their portfolio company, Serica Technologies, Inc. has been acquired by Allergan, Inc. Serica Technologies is a growth stage medical device company with a focus on the development of biodegradable silk based scaffolds to be used in tissue regeneration in multiple therapeutic areas. Serica is now a wholly owned subsidiary of Allergan. It’s stockholders have received an upfront cash payment plus equity in a new company, Alacer Biomedical, Inc. that holds exclusive rights to Serica’s intellectual property within orthopedic and veterinary indications. The terms of the transaction were not disclosed.
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Morningside (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.Morningside.com&esheet=6168070&lan=en_US&anchor=www.Morningside.com&index=1&md5=f3d20886a5c64f31af65c9451ac07e45) 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.
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