Allergan picks up Zeltiq in multi-billion dollar all cash deal

US pharma giant Allergan announced a multi-billion dollar deal to acquire Zeltiq Aesthetics, the body-contouring company.

Allergan agreed to pay $2.475bn in cash for Zeltiq, touting the transaction as offering it a $4bn market opportunity, which it expected to increase further.

Deal close was expected in the second half of 2017 and contribute to its bottom line immediately.

Zeltiq was the owner of a cooling technology for fat reduction.

"The acquisition of ZELTIQ is highly complementary and strategic to Allergan. By adding the best-in-class body contouring CoolSculpting System to our best-in-class facial aesthetics, plastic surgery and regenerative medicine offerings we are creating a world-class aesthetics business," said Allergan chief Brent Saunders.

"With CoolSculpting, our offerings to plastic surgeons, dermatologists and aesthetic practitioners will now extend to three of the largest and fastest-growing segments of their practices."