Botox maker Allergan said it would buy body-contouring product maker Zeltiq Aesthetics 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 US Food and Drug Administration.
It utilises 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% to the company's Friday close.
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 December 31, total medical aesthetic product sales accounted for 28% 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.