AbbVie Subsidiary Scoops Up Soliton and Its Cellulite, Tattoo Removal Device
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AbbVie's Allergan Aesthetics' most well-known brands right now include BOTOX and CoolSculpting, among others. However, with the company's latest acquisition, another one might slide its way to the top.
On Monday, Allergan Aesthetics announced that it is acquiring Soliton in a definitive agreement that is valued at approximately $550 million. Allergan Aesthetics will pay $22.60 per share for each outstanding Soliton share.
Perhaps the most notable gain from the deal is the acquisition of Soliton's RESONIC, the company's novel platform technology that uses non-invasive, high-frequency sound waves to disrupt targeted cellular structures and connective tissue.
The technology has received U.S. Food and Drug Administration (FDA) 510(k) clearance for short-term improvement and appearance of cellulite and for use in conjunction with a laser for tattoo removal.
"There is a huge unmet need to address cellulite and effective treatments have been elusive and frustrating for consumers," said Carrie Strom, President, Global Allergan Aesthetics and Senior Vice President, AbbVie. "Soliton's technology offers a new, completely non-invasive approach with clinically-proven results to reduce the appearance of cellulite with no patient downtime."
Just last week, Soliton announced the rollout of RESONIC, its Rapid Acoustic Pulse (RAP) device. The company boasted that the technology "helps achieve 75% greater fading of tattoos in as few as 3 sessions and improves the appearance of cellulite non-invasively," according to the announcement.
"RESONIC revolutionizes the industry's approach to two notoriously challenging patient needs. The technology's ability to physically change targeted cellular structures without breaking the skin is game changing," said Dr. Elizabeth Tanzi, board certified dermatologist and member of Soliton's scientific advisory board, at the time of the announcement.
Allergan Aesthetics is still a fairly new face in the industry. In the midst of AbbVie finalizing its $63 billion merger with Allergan, early last year the company announced plans for Allergan Aesthetics, a stand-alone company tasked with continuing to build out AbbVie's aesthetics programs.
RESONIC received its first FDA clearance in 2019, but is not expected to roll out until June 2021 in medically supervised spas and through a select network of physicians.
"This is an exciting day for Soliton and the RESONIC brand," said Brad Hauser, president and CEO of Soliton, at the time of the announcement. "It's been a long time in the making and we're excited to finally bring this innovative and efficacious solution to procedures that have had historically low patient satisfaction or required numerous treatment sessions to achieve expected results. Launching RESONIC with two unique indications has been a strategic goal of ours since receiving our first FDA clearance in 2019."
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