Allergan plc, a leading global biopharmaceutical company, today announced it has successfully completed the acquisition of ZELTIQ® Aesthetics, Inc., a medical technology company behind a proprietary controlled-cooling fat reducing treatment, CoolSculpting®. Allergan acquired ZELTIQ® Aesthetics for approximately $2.4 billion in cash.

ZELTIQ® stockholders approved the transaction during its stockholder meeting held on April 27, 2017. With the acquisition, Allergan adds ZELTIQ’s flagship CoolSculpting® System, the sales leader in the fast-growing cash-pay body contouring segment of medical aesthetics. The combination is expected to be immediately accretive and makes body contouring the third pillar in Allergan’s global aesthetics portfolio, joining its leading facial aesthetics and plastic surgery & regenerative medicine businesses.

«We are thrilled to complete the acquisition of ZELTIQ, which immediately expands our world-class global aesthetic business into the highly-complementary and fast-growing body contouring segment,» said Bill Meury, Chief Commercial Officer of Allergan. «CoolSculpting gives Allergan the most comprehensive and dynamic portfolio of products for plastic surgeons, dermatologists and other aesthetic providers across the globe.»

«In my practice, there is growing demand from patients for less invasive treatments for bothersome pockets of fat on their body. CoolSculpting addresses that need, and we continue to see strong demand for the procedures because of its reliable ability to remove fat non-invasively,» said Dr. Grant Stevens, Chief Medical Officer and Co-Founder of Orange Twist and Clinical Professor of Plastic Surgery at University of Southern California School of Medicine. «I am excited to see the CoolSculpting technology now being added to Allergan’s broad aesthetic product offering, and eager to see how they will expand the opportunity for body contouring.»

The CoolSculpting System has been cleared by the U.S. Food and Drug Administration, with global IP rights, to affect appearance through lipolysis or reduction of unwanted fat using a patented cooling technology. CoolSculpting is marketed in more than 80 countries with entry into additional markets expected in 2017 and 2018. CoolSculpting works by gently cooling targeted fat cells in the body to induce a natural, controlled elimination of fat cells without affecting surrounding tissue. Body contouring is a $4 billion market opportunity worldwide, and growing.