AbbVie subsidiary Allergan Aesthetics has agreed to acquire Soliton, which is commercialising a cellulite treatment based on research at University of Texas.
Soliton, a US-based developer of a medical device to treat cellulite based on research at University of Texas’ MD Anderson Cancer Center, has agreed to an acquisition by Allergan Aesthetics, a subsidiary of pharmaceutical firm AbbVie.
Allergan will pay $22.60 per share in cash for each outstanding share of Soliton, valuing the latter at approximately $550m. The merger has been approved by both boards of directors, but remains subject to customary closing conditions.
The deal follows regulatory clearance for Soliton’s device, Resonic, that uses a rapid acoustic pulse to non-invasively improve the appearance of cellulite short term. Resonic has also been approved in the US for use in conjunction with laser tattoo removal.
Founded in 2012, Soliton has been trading on Nasdaq Capital Market since February 2019 under the ticker symbol SOLY. It had sold shares at $5 in a regulation A-plus offering to raise more than $10.8m in proceeds at the time, and its shares closed at $22.41 yesterday.
