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I would assume that a home port never happened because Acclaim had the console rights, through Arena Ent. and LJN. It was the same case with the Simpsons and X-Men arcade games. Arcade licenses were separate from console rights.

To clarify, Acclaim had the rights in 1992 for Alien 3. No one had the console rights,l for Aliens, it seems. Its likely that 20th CF didn't want to give them, asked for too much $$, or Acclaim already had them by the time Konami sought them for a MD port.