Allergan to Buy Fat Treatment Maker Zeltiq for $2.3 Billion
February 13 2017 - 9:13AM
Dow Jones News
By Austen Hufford
Allergan PLC said it would buy Zeltiq Aesthetics Inc., the maker
of a fat-reducing treatment, for $2.26 billion.
Allergan is paying $56.50 a share, a 14% premium to the
company's Friday closing price of $49.40. Zeltiq's CoolSculpting
system is U.S. Food and Drug Administration approved to freezes fat
cells, causing them to self-destruct over several months. The
treatment, currently done at dermatologists, plastic surgeons and
other doctors' offices, is approved to reduce fat at the love
handles, abdomen, thighs and below the chin.
Allergan says the deal will add to earnings and is expected to
close in the second half of the year.
Last year, Allergan and Pfizer Inc. terminated a planned $150
billion merger after the Obama administration took aim at the deal.
Allergan completed the sale of its generics business to Teva
Pharmaceutical Industries Ltd.
Allergan said in November that it would return more cash to
shareholders because the drugmaker isn't interested in a making a
megadeal.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
February 13, 2017 08:58 ET (13:58 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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