ZELTIQ Aesthetics to Sell to Allergan for $2.5 Billion
San Diego – February 14, 2017 – Cooley is advising ZELTIQ Aesthetics (NASDAQ: ZLTQ) on its approximately $2.5 billion all cash sale to Allergan (NYSE: AGN), a leading global biopharmaceutical company. The deal is expected to close in the second half of the year, subject to shareholder and regulatory approval.
ZELTIQ is a medtech company focused on developing and commercializing products utilizing its proprietary controlled-cooling technology platform. The CoolSculpting system is US FDA-approved to freeze fat cells, causing them to self-destruct over several months. According to an article in the WSJ, “The treatment, currently done at dermatologists, plastic surgeons and other doctors’ offices, is approved to reduce fat at the love handles, abdomen, thighs and below the chin.”
“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,” said Mark Foley, CEO of ZELTIQ.
“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,” said Brent Saunders, Allergan CEO in the company press release.
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