Allergan to acquire US medical technology company Zeltiq for $2.47bn

Ireland-based biopharmaceutical company Allergan has signed an agreement to acquire US-based medical technology company Zeltiq Aesthetics in a deal valued at $2.47bn.

Zeltiq develops and commercialises products using its controlled-cooling technology platform, CoolSculpting.

The acquisition of Zeltiq will allow Allergan to strengthen its global medical aesthetics portfolio with the addition of the CoolSculpting System.

Allergan chairman and CEO Brent Saunders said: "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."

The FDA-approved CoolSculpting System will cool targeted fat cells in the body to induce a natural, controlled elimination of fat cells and does not affect surrounding tissue.

The CoolSculpting System is a non-surgical procedure that selectively reduces unwanted fat and is available through a network of dermatologists, plastic surgeons and leading aesthetic specialists.

Zeltiq Aesthetics CEO Mark Foley said: "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 realise the maximum commercial potential of the Zeltiq controlled-cooling technology platform.

"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." 

The transaction is expected to close in the second half of this year.