Global pharmaceutical company Allergan is set to purchase medical and cooling technology company ZELTIQ Aesthetics for US $56.50 per share.
The acquisition will add body contouring to Allergan’s growing portfolio through ZELTIQ’s controlled-cooling technology platform, CoolSculpting.
According to Allergan, the body contouring sector is worth $4 billion worldwide and is increasing. They hope this transaction will significantly benefit their portfolio and client offering.
Brent Saunders, chairman and CEO of Allergan said, "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."
Mark Foley, chief executive officer of ZELTIQ said he looks forward to working with Allergan to ensure the success of this transition, "Allergan's world-class medical aesthetic 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.
He added, “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 CoolSculpting System is approved by the US Food and Drug Administration for contouring through lipolysis or reduction of unwanted fat by cooling targeted fat cells in the body to induce a controlled elimination of fat cells without affecting surrounding tissue.