Under the deal, Allergan will purchase Zeltiq’s stock by paying $56.50 per share.

Zeltiq is engaged in the development and commercialization of products based on its proprietary controlled-cooling technology platform.

The company developed CoolSculpting system based on the scientific principle that fat cells are more sensitive to cold compared to overlying skin and surrounding tissues.

The acquisition will expand Allergan’s medical aesthetics portfolio with the addition of Zeltiq’s CoolSculpting system that enables to reduce unwanted fat.

The FDA-cleared system uses patented technology of precisely controlled cooling to decrease the temperature of fat cells in the treated area. It will involve in the fat cell elimination through using a natural biological process known as apoptosis.

Subject to approval by the shareholders of Zeltiq and certain other customary closing conditions, the deal is expected to complete in the second half of 2017.

Allergan CEO and chairman Brent Saunders said: "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,"

Zeltiq CEO Mark Foley said: "Allergan's world-class medical aesthetics products, global footprint, history and commitment to developing best-in-class aesthetic treatments makes the Company ideally suited to realize the maximum commercial potential of the Zeltiq controlled-cooling technology platform.”

Earlier this month, Allergan completed the acquisition of LifeCell, a regenerative medicine unit of Acelity, for $2.9bn.

LifeCell manufactures Alloderm human allograft tissue matrix that can be used in breast reconstruction post-masectomy and Revolve single use high-volume fat grafting device is developed to be used in plastic and reconstructive procedures.

Image: Alllergan headquarters in Irvine. Photo: courtesy of Coolcaesar.