Zeltiq’s FDA-approved CoolSculpting system uses a cooling mechanism to reduce the appearance of fat which has not responded to diet or exercise, without disturbing surrounding tissue.
According to the deal, Allergan agreed to pay $56.50 per Zeltiq share. Zeltiq shareholders approved the agreement during its stockholder meeting yesterday.
Allergan CEO Brent Saunders has been eager to land a deal since its $160 billion merger with Pfizer collapsed last year. Saunders has previously said the company will continue to look for deals and it expects that its injection Kybella, which is used to diminish fat under the chin, will do well in 2017.
“We are thrilled to complete the acquisition of Zeltiq, which immediately expands our world-class global aesthetic business into the highly-complementary and fast-growing body contouring segment,” Allergan chief commercial officer Bill Meury said in prepared remarks. “CoolSculpting gives Allergan the most comprehensive and dynamic portfolio of products for plastic surgeons, dermatologists and other aesthetic providers across the globe.”
“In my practice, there is growing demand from patients for less invasive treatments for bothersome pockets of fat on their body. CoolSculpting addresses that need, and we continue to see strong demand for the procedures because of its reliable ability to remove fat non-invasively,” Dr. Grant Stevens, from the University of South California School of Medicine, added. “I am excited to see the CoolSculpting technology now being added to Allergan’s broad aesthetic product offering, and eager to see how they will expand the opportunity for body contouring.”