Date: 2017-02-13
Type of information: Company acquisition
Acquired company: Zeltiq Aesthetics (USA - CA)
Acquiring company: Allergan (Ireland)
Amount: $2.475 billion
Terms: * On February 13, 2017, Allergan and Zeltiq Aesthetics, a medical technology company focused on developing and commercializing products utilizing its proprietary controlled-cooling technology platform, announced that they have entered into a definitive agreement under which Allergan has agreed to acquire Zeltiq for $56.50 per share, or $2.475 billion, subject to customary adjustments. Allergan's acquisition of Zeltiq 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. Moelis & Company is acting as financial advisor to Allergan, and Debevoise & Plimpton LLP is acting as lead legal counsel. Guggenheim Securities is acting as financial advisor to ZELTIQ, and Cooley LLP is serving as legal counsel.
Details: This acquisition enhances 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. This proprietary controlled-cooling technology platform is designed to reduce unwanted fat. It is based on the principle that fat cells are more sensitive to cold than the overlying skin and surrounding tissues. It utilizes patented technology of precisely controlled cooling to reduce the temperature of fat cells in the treated area, which is intended to cause fat cell elimination through a natural biological process known as apoptosis. The CoolSculpting System is FDA-cleared to affect appearance through lipolysis or reduction of unwanted fat
Related: Aesthetic medicine
