Allergan plc has entered into a definitive agreement to acquire Zeltiq for $2.5 billion and Zeltiq Aesthetics, Inc., a medical technology company focused on developing its controlled-cooling technology platform. The transaction is expected to close in 2H17.

The acquisition expands Allergan’s medical aesthetics portfolio with the addition of Zeltiq’s flagship CoolSculpting System. The CoolSculpting System is FDA-cleared to affect appearance through lipolysis or reduction of unwanted fat using a cooling technology. CoolSculpting works by gently cooling targeted fat cells in the body to induce a natural, controlled elimination of fat cells without affecting surrounding tissue.

“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 Brent Saunders, chairman and chief executive officer of Allergan. “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, putting Allergan in a unique position to provide expanded customer service, and help meet the needs of patients.”

“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,” said Mark Foley, chief executive officer of Zeltiq. “I appreciate the unwavering commitment and dedication of the ZELTIQ team in building a world-class Company and technology platform with CoolSculpting. We look forward to working with Allergan to ensure successful completion of this transaction, and supporting the ongoing success of the CoolSculpting technology in the U.S. and around the world.”