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 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 quarter.
Moelis is Allergan's financial adviser, while Debevoise & Plimpton serve as legal counsel. Guggenheim Securities is Zeltiq's financial adviser, while Cooley will provide legal advice.