Allergan to buy Zeltiq Aesthetics for $2.48 billion
Zeltiq's CoolSculpting System is approved by the U.S. Food and Drug Administration and utilizes a cooling mechanism to reduce the appearance of stubborn fat - which may not respond to diet or exercise - without disturbing surrounding tissue.
Allergan agreed to pay $56.50 per Zeltiq share, or a premium of 14.4 percent to the company's Friday close.
Allergan, which estimates that body contouring is a $4 billion market, said the transaction is expected to close in the second quarter. ■