newsfilter
← Latest News
GlobeNewswire·

Pacira BioSciences Announces Agreement to Divest its iovera° Business to Zimmer Biomet

PCRX
  • Pacira BioSciences will divest the iovera° system to Zimmer Biomet Holdings for up to $140 million.
  • The transaction includes a $70 million upfront payment & up to $70 million in future revenue-based milestone payments due through December 31, 2031.
  • The parties will collaborate on advancing the spasticity program with potential for incremental compensation upon successful study completion & regulatory approval.
  • Zimmer Biomet will obtain all rights, titles & interests for the development, manufacture & commercialization of iovera°.
  • Pacira intends to use net proceeds to strengthen its balance sheet & pay down its senior secured revolving credit facility.
  • The transaction is expected to close in the third quarter of 2026 subject to customary closing conditions.
  • This deal supports Pacira's 5x30 strategy & advances its transition into an innovative biopharmaceutical company.
  • Pacira's commercial portfolio now consists of EXPAREL, ZILRETTA, & the divested iovera° device.
  • iovera° is an FDA-cleared, drug-free medical device that uses cryoneurolysis to relieve pain by applying focused cold therapy to targeted nerves.
  • Clinical data indicates iovera° treatment can reduce opioid consumption by 45% over 12 weeks post-surgery.
  • RBC Capital Markets serves as Pacira's exclusive financial advisor, while Perkins Coie LLP represents Pacira legally.
  • Ice Miller LLP serves as legal counsel to Zimmer Biomet.