Allergan acquires Zeltiq for $2.47 billion

It will enhance Allergan's medical aesthetics portfolio with addition of CoolSculpting system

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Last Updated : Feb 17 2017 | 4:53 PM IST

Allergan Plc has acquired Zeltiq Aesthetics Inc, a medical technology company focused on developing and commercialising products utilising its proprietary controlled-cooling technology platform, for $ 2.475 billion.

The acquisition of Zeltiq will enhance Allergan’s global medical aesthetics portfolio with the addition of Zeltiq’s flagship CoolSculpting system, the sales leader in the fast-growing 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. 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. With CoolSculpting, our offerings to plastic surgeons, dermatologists and aesthetic practitioners will now extend to three of the largest and fastest-growing segments of their practices, putting Allergan in a unique position to provide expanded customer service, and help meet the needs of patients,” said Brent Saunders, Chairman and CEO of Allergan.

Mark Foley, chief executive officer of Zeltiq, added, “Allergan's world-class medical aesthetics products, global footprint, history and commitment to developing best-in-class aesthetic treatments makes the Company ideally suited to realize the maximum commercial potential of the Zeltiq controlled-cooling technology platform. I appreciate the unwavering commitment and dedication of the Zeltiq team in building a world-class company and technology platform with CoolSculpting. We look forward to working with Allergan to ensure successful completion of this transaction, and supporting the ongoing success of the CoolSculpting technology in the US and around the world.”