Pacira Pharmaceuticals (NSDQ:PCRX) said today that it has signed a deal to acquire Myoscience and its pain relief device for up to $220 million.
Myoscience’s iovera system is designed to safely freeze nerves while protecting surrounding tissue. As part of the deal that is slated to close by early April, Pacira plans to incorporate the iovera system into its non-opioid product portfolio.
According to the terms of the agreement, Pacira will pay $120 million in cash as an upfront payment and an additional $100 million in commercial and regulatory milestone payments.
“This agreement represents an exciting accomplishment for the Myoscience team, and is good news for patients and physicians. We are confident that Pacira is the ideal organization to bring this technology to more physicians and their patients in need of effective non-opioid pain relief,” Myoscience president & CEO Timothy Still said in prepared remarks.
Myoscience’s iovera device was cleared by the FDA in the U.S. for the treatment of pain linked with osteoarthritis of the knee for up to 90 days.
PCRX shares were trading at $38.78 apiece in mid-afternoon activity today, down -4.9%.
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