CORRECTED-UPDATE 2-Allergan to buy Zeltiq Aesthetics for about $2.48 bln
(Corrects bullet and paragraph 8 to clarify deal is expected to close second half, not second quarter, of 2017)
* Deal expected to close in second half of 2017
* Offering at 14.4 pct premium
* Zeltiq shares jump 12.6 pct premarket
Feb 13 Botox maker Allergan Plc said it would buy body-contouring product maker Zeltiq Aesthetics Inc for about $2.48 billion, adding muscle to its line-up of products used to fight fat and smoothen wrinkles.
Zeltiq's CoolSculpting System is approved by the U.S. Food and Drug Administration and utilizes a cooling mechanism to reduce the appearance of stubborn fat - which may not respond to diet or exercise - without disturbing surrounding tissue.
The Botox maker agreed to pay $56.50 per Zeltiq share, or a premium of 14.4 percent to the company's Friday close.
Zeltiq's shares jumped 12.6 percent to $55.65 in premarket trading on Monday.
Dublin-based Allergan, led by its acquisitive Chief Executive Brent Saunders, has orchestrated a flurry of deals since its $160 billion merger with Pfizer Inc collapsed in April.
Earlier this month, Saunders painted lofty expectations for its injection Kybella - used to diminish fat under the chin, leaving surrounding tissue largely unaffected - for 2017, and expressed an interest in continued deal making.
In the three months ended Dec. 31, total medical aesthetic product sales accounted for 28 percent of Allergan's net revenue.
Allergan, which estimates that body contouring is a $4 billion market, said the transaction is expected to close in the second half of 2017.
Moelis & Co is Allergan's financial adviser, while Debevoise & Plimpton LLP serve as legal counsel. Guggenheim Securities is Zeltiq's financial adviser, while Cooley LLP will provide legal advice. (Reporting by Natalie Grover in Bengaluru; Editing by Shounak Dasgupta and Martina D'Couto)