Allergan and Zeltiq Aesthetics announced in a press release that the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976 has expired in respect to Allergan’s proposed acquisition of Zeltiq.
Zeltiq is a medical technology company that focuses on developing and commercializing products utilizing its propriety controlled-cooling technology platform. Its CoolSculpting System (cryolipolis) is designed to reduce unwanted fat.
In February, Allergan announced it had agreed to acquire Zeltiq for $56.50 per share or $2.475 billion.
Following the transaction announcement, Allergan and Zeltiq filed a notification and report form pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1978 (HSR Act) with the Antitrust Division of the U.S. Department of Justice and the Federal Trade Commission, according to the release. Expiration of the waiting period under the HSR Act satisfied a condition of the pending acquisition, which is still subject to approval of stockholders of Zeltiq.
Zeltiq has scheduled a stockholder meeting on April 27 to vote on the transaction, according to the release.