Allergan completed the acquisition of California-based, medical technology company Zeltiq Aesthetics, which according to Allergan, is the leader in the for-cash body sculpting market. The acquisition is “immediately accretive” for Allergan and complements the company’s existing facial aesthetics, plastic surgery and regenerative medicine businesses. It will, according to the company, be the “third pillar” in Allergan’s global aesthetics portfolio.
Allergan, which is headquartered in Dublin, Ireland, focuses on the development of branded small- and large-molecule pharmaceuticals, medical devices, surgical products and regenerative medicine solutions. Its leading brands include products for the treatment of central nervous system disorders, eye case, medical aesthetics and dermatology, and in the areas of gastroenterology, women's health, urology and anti-infective therapeutics. The company has over 16,000 employees and operates commercially in approximately 100 countries.
The Zeltiq deal was initially established in mid-February 2017 and approved at a stockholders meeting at the end of April. Allergan was interested in Zeltiq’s proprietary, FDA-approved CoolSculpting System, a non-surgical cooling technology that affects appearance through lipolysis or reduction of unwanted fat. During a CoolSculpting treatment, fat cells in the body are gently cooled to induce their natural elimination without any impact on non-targeted areas of the body.
According to Allergan, the global market for body contouring is currently valued at $4 billion and growing rapidly worldwide. Zeltiq already sells the technique, which is offered as a cash-pay service, in over 80 countries and has plans to enter new markets over the next 18 months.
The CoolSculpting technique is supported by well-respected medical professionals. 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 notes that “demand from patients for less invasive treatments for bothersome pockets of fat on their body is growing, [and] CoolSculpting addresses that need.” In particular, demand for the CoolSculpting treatment remains strong because it is reliable and does have the ability to remove fat non-invasively, according to Stevens. "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,” he adds.
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