Allergan Plc on Monday said it would buy Zeltiq Aesthetics Inc for about $2.48 billion to gain access to its flagship body contouring technology.
The Botox maker agreed to pay $56.50 per Zeltiq share, or a premium of 14.4 percent to the company’s Friday close.
Dublin-based Allergan, led by its acquisitive Chief Executive Brent Saunders, has orchestrated a flurry of deals since its $160 billion merger with Pfizer Inc collapsed in April.
Zeltiq’s body contouring technology, the CoolSculpting System, is U.S. Food and Drug administration approved and works by cooling targeted fat cells to naturally induce their elimination, without affecting surrounding tissue.
Allergan, which estimates body contouring is a $4 billion market opportunity, already markets Kybella, which is used to destroy fat under the chin, leaving surrounding tissue largely unaffected.
Other injectables, such as Botox and other dermal fillers are typically used to smoothen areas of the face.
Zeltiq’s shares were halted premarket on Monday.