Allergan to Acquire Medical Technology Company in $2.5-Billion Deal
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Allergan has agreed to acquire Zeltiq Aesthetics, a Pleasanton, California-headquartered medical technology company that specializes in a proprietary controlled-cooling technology platform for body sculpting, for $56.50 per share, or $2.475 billion, subject to customary adjustments.

With the acquisition, Allergan gains Zeltiq’s flagship product, the CoolSculpting System, a US Food and Drug Administration-approved system that uses Zeltiq’s proprietary cooling technology to affect appearance through lipolysis or reduction of unwanted fat. CoolSculpting is a non-surgical procedure that targets fat cells in the body through cooling to induce a controlled elimination of those cells without affecting surrounding tissue. The CoolSculpting System will be added to Allergan’s medical aesthetics portfolio.

The acquisition is subject to approval by the shareholders of Zeltiq, expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and fulfillment of certain other customary conditions to closing. Assuming typical regulatory and shareholder approval timeframes, Allergan currently anticipates closing the transaction in the second half of 2017.

This acquisition further boosts Allergan’s medial aesthetics portfolio, for which the company made another recent acquisition, the regenerative medicines company, LifeCell Corporation, completed in February 2017 for $2.9 billion. With LifeCell, Allergan gains a portfolio of dermal matrix products including Alloderm, a human allograft tissue matrix used in breast reconstruction post-masectomy, Revolve, a single use high-volume fat grafting device used in plastic and reconstructive procedures, and Strattice, a porcine-based tissue matrix used in complex abdominal wall repair and for the surgical repair of damaged or ruptured soft tissue.

Source: Allergan

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