Botox maker Allergan Plc agreed to pay $2.48 billion in cash for Zeltiq Aesthetics Inc, adding a system that it says helps people slim down by freezing fat away to the company’s line-up of aesthetic products.
Allergan said it would benefit from the cross-selling opportunities for consumers of Zeltiq’s CoolSculpting System, which uses cooling to kill fat cells, as well as customers of its own facial injectible products.
“Demand for both procedures is high and this is similar to pouring more gas on the fire,” Allergan Chief Commercial Officer Bill Meury said on a call with investors.
The Botox maker agreed to pay $56.50 per Zeltiq share, or a premium of 14.4 percent to the company’s Friday close. Zeltiq’s shares rose 12.8 percent to $55.72 in midday trading on Monday.