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Allergan to buy Zeltiq Aesthetics for $2.48 billion

Staff Writer |
Allergan said it would buy body-contouring product maker Zeltiq Aesthetics Inc (ZLTQ.O) for about $2.48 billion, adding to its line-up of products used to fight fat and smoothen wrinkles.

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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.

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