Allergan plc agreed to acquire ZELTIQ Aesthetics Inc., a company focused on developing and commercializing products using its proprietary controlled-cooling technology platform, for $56.50 per share or $2.475 billion. The transaction is expected to close in the second half of 2017.
The acquisition enhances Allergan's global medical aesthetics portfolio with the addition of ZELTIQ's CoolSculpting System, the sales leader in the cash pay body contouring segment of medical aesthetics. The CoolSculpting System is FDA-cleared to affect appearance through lipolysis or reduction of unwanted fat using a patented cooling technology.
CoolSculpting works by gently cooling targeted fat cells in the body to induce a natural, controlled elimination of fat cells without affecting surrounding tissue. Body contouring is a $4 billion market opportunity worldwide and growing.
"The acquisition of ZELTIQ is highly complementary and strategic to Allergan," said Brent Saunders, Chairman and CEO of Allergan. "By adding the best-in-class body contouring CoolSculpting System to our best-in-class facial aesthetics, plastic surgery and regenerative medicine offerings we are creating a world-class aesthetics business."