Allergan (AGN) announced on Monday that the company will acquire Zeltiq Aesthetics (ZLTQ) in a $2.48 billion deal. The company's failed merger with Pfizer Inc. (PFE) last year has led to Allergen Chief Executive Brent Saunders acquiring several companies.

Zeltiq shareholders will receive a 14.4% premium on the company's Friday closing price, or $56.50 per share.

Allergen shares are up over 21% in the past 90-day period and 13.98% in the last 30 days. The company's stock lost steam after the failed $160 billion merger with Pfizer, causing the stock to fall over 13% over a 12-month period.

Recent acquisitions to diversify the company's portfolio are responsible for the stock's rebound.

Zeltiq Aesthetics stock is up over 150% in the past year, as the company's CoolSculpting System gained FDA clearance for their non-invasive treatment of upper arm fat. The technology allows for natural fat reduction without tissue damage. CoolScultpingcools targets fat cells to help with weight loss.

The company estimates 29 million people in the United States are interested in the company's technology and 14 million are concerned with underarm fat.

Allergan's acquisition of the company adds to their portfolio of fat reduction technology. The company markets Kybella, an under the chin fat reducer that doesn't affect the surrounding tissue.

Zeltiq stock is halted in premarket following the announcement. Investors trading assets in Zeltiq and who currently own shares will be compensated at $56.50 per share. Shares rose as much as 12.49% in pre-market on Monday morning.

CoolSculpting has 70-peer-reviewed clinical trials and over 3.5 million treatments performed to date. The technology has been used in over 80 countries and is used to treat fat in the submental areas of the body.

The technology is used to reduce fat in the abdomen, thighs, arms, back and under the buttocks. The company's offering is used by plastic surgeons, dermatologists and aesthetic specialists in an elite network of providers.

Allergan acquisitions since January 2016 include ANTERIOS, Topokine Therapeutics, ForSight VISIONS, RetroSense Therapeutics ($60M), Vitae Pharmaceuticals ($693M), Tobira Therapeutics, Akarna Therapeutics, Motus Therapeutics, Chase Pharmaceuticals, LifeCell ($2.9B) and Lysosomal Therapeutics.

Many of the acquisition terms remain undisclosed with the highest-priced acquisitions being $1.7 billion for Tobira Therapeutics and $2.9 billion in cash for LifeCell.

Allergan's foray into the body contouring market allows the company to enter into a $4 billion market opportunity, according to company estimates.

Further details of the acquisition and a potential closing date have not been disclosed at this time.