The iovera° system utilizes focused cold therapy to temporarily block nerve pain signals without the use of drugs. By divesting the device business, Pacira Chief Executive Frank Lee aims to accelerate the company’s five-year transition into a specialized musculoskeletal pain firm. He noted that Zimmer Biomet’s existing global infrastructure is better positioned to scale the technology’s commercial reach.
In section Market Quotes
Pacira Offloads iovera° Business to Zimmer Biomet in $140 Million Deal
With an upfront payment of $70 million and another $70 million tied to future performance milestones, Pacira BioSciences has agreed to sell its iovera° cryoneurolysis platform to Zimmer Biomet. The transaction, slated to close in the third quarter, marks a strategic pivot for Pacira as it narrows its focus toward biopharmaceuticals.
Pacira plans to apply the proceeds from the sale to pay down debt and bolster its balance sheet. Under the agreement, Zimmer Biomet gains full rights to the development, manufacturing, and commercialization of the system, with milestone payments extending through the end of 2031. Following the announcement, Pacira shares climbed 3.8% to $26.05 in premarket trading.
Comments (0)
No comments yet. Be the first!