DUBLIN, April 28, 2017 /PRNewswire/ -- Allergan plc (NYSE: AGN), 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.
***NOTE TO MEDIA***
A CoolSculpting video b-roll package and product photos are available via the following link: https://zeltiqcloud.egnyte.com/fl/Bggw5T4H6x#folder-link/
About Allergan plc
Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a bold, global pharmaceutical company and a leader in a new industry model – Growth Pharma. Allergan is focused on developing, manufacturing and commercializing branded pharmaceutical, device, biologic, surgical and regenerative medicine products for patients around the world.
Allergan markets a portfolio of leading brands and best-in-class products for the central nervous system, eye care, medical aesthetics and dermatology, gastroenterology, women's health, urology and anti-infective therapeutic categories.
Allergan is an industry leader in Open Science, a model of research and development, which defines our approach to identifying and developing game-changing ideas and innovation for better patient care. With this approach, Allergan has built one of the broadest development pipelines in the pharmaceutical industry with 70+ mid-to-late stage pipeline programs currently in development.
Allergan's success is powered by our more than 16,000 global colleagues' commitment to being Bold for Life. Together, we build bridges, power ideas, act fast and drive results for our customers and patients around the world by always doing what is right.
With commercial operations in approximately 100 countries, Allergan is committed to working with physicians, healthcare providers and patients to deliver innovative and meaningful treatments that help people around the world live longer, healthier lives every day.
For more information, visit Allergan's website at www.Allergan.com.
Statements contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Allergan's current perspective on existing trends and information as of the date of this release. Actual results may differ materially from Allergan's current expectations depending upon a number of factors affecting Allergan's business. These factors include, among others, the difficulty of predicting the timing or outcome of FDA approvals or actions, if any; the impact of competitive products and pricing; market acceptance of and continued demand for Allergan's products; difficulties or delays in manufacturing; and other risks and uncertainties detailed in Allergan's periodic public filings with the Securities and Exchange Commission, including but not limited to Allergan's Annual Report on Form 10-K for the year ended December 31, 2016. Except as expressly required by law, Allergan disclaims any intent or obligation to update these forward-looking statements.
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SOURCE Allergan plc