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Allergan Aesthetics to Acquire Soliton for USD 550m
Monday 17 May 2021

US-based aesthetics brands and products company Allergan Aesthetics, an AbbVie Company (NYSE: ABBV) and US-based medical device maker Soliton (NASDAQ: SOLY) have inked a definitive agreement under which Allergan Aesthetics will acquire Soliton and Resonic, its Rapid Acoustic Pulse device, the companies said.

Resonic recently received US Food and Drug Administration 510(k) clearance and is a non-invasive treatment for the short-term improvement in the appearance of cellulite.

The acquisition of Soliton expands and complements Allergan Aesthetics' Body Contouring treatment portfolio which includes CoolSculpting Elite.

The novel platform technology uses non-invasive rapid, high-frequency sound waves to disrupt targeted cellular structures and connective tissue, physically impacting the fibrous septae beneath the skin that contribute to the dimpled appearance of cellulite.

In clinical trial data submitted to the FDA, after a single treatment session RESONIC demonstrated significant improvement and strong patient satisfaction with 92.9% of subjects agreeing or strongly agreeing their cellulite appeared improved.

Under the terms of the transaction, Allergan Aesthetics will pay USD 22.60 per share in cash for each outstanding share of Soliton.

Soliton's enterprise value for the transaction is approximately USD 550m and was approved by the boards of directors of both companies.

The transaction is subject to customary closing conditions, including clearance by the US antitrust authorities under the Hart-Scott-Rodino Act and approval of Soliton's shareholders.

Guggenheim Securities served as financial advisor to Soliton and Hogan Lovells served as legal counsel to Soliton.

Resonic has also received FDA 510(k) clearance for use in conjunction with laser for tattoo removal and has demonstrated clinical results in fibrotic scars.

Allergan Aesthetics' aesthetics portfolio includes facial injectables, body contouring, plastics, skin care, and others.

Soliton is a medical device company with a novel and proprietary platform technology licensed from The University of Texas on behalf of MD Anderson Cancer Center.
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Date Published: 17/05/2021

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