Biopharmaceutical company Allergan is acquiring Acelity’s LifeCell, a regenerative medicine unit, for $2.9 billion, according to a news release.

Allergan, based in Dublin, specializes in making medical aesthetics, breast implants and tissue expanders. It will be acquiring LifeCell’s dermal matrix product portfolio, which is estimated to add $450 million in 2016 revenue to Allergan's bottom line. Additionally, Allergan will gain LifeCell’s manufacturing capabilities and its R&D operations in New Jersey. The deal is expected to close during the first half of 2017.

"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,” said Allergan CEO and chairman Brent Saunders in a statement. “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."

Some of the biggest products in the LifeCell’s portfolio include the Acellular Dermal Matrices, which is commonly used in breast reconstruction procedures, Alloderm, a human allograft tissue, and Revovle, a high-volume fat grafting device.

"The LifeCell brand leads the industry for safety, efficacy and superior clinical results, and we are pleased to have found the perfect partner for LifeCell in Allergan," said Joe Woody, Acelity president and CEO, in a statement. “This transaction not only sets LifeCell up for continued success, but it also allows Acelity the ability to continue our own transformation with increased momentum and investments that focus on developing and commercializing advanced wound therapies and dressings in markets around the world."