Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its commitment to deliver innovative, non-opioid pain therapies to transform the lives of patients, today announced the divestiture of iovera ®° to Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader. The iovera° system is an innovative, FDA-cleared, drug-free medical device that relieves pain via cryoneurolysis—a process whereby focused cold therapy is applied to a targeted nerve, temporarily interrupting its ability to transmit pain signals.

Under the terms of the transaction, Pacira will receive up to $140 million with an upfront payment of $70 million and potential future revenue-based milestone payments totaling up to an additional $70 million during the period up to and through December 31, 2031. The parties will collaborate on advancing the spasticity program with an opportunity for Pacira to receive incremental compensation assuming successful completion of the registrational study and subsequent regulatory approval. Zimmer Biomet will obtain all of Pacira’s rights, titles and interests for the development, manufacture and commercialization of iovera°. Upon closing, the company intends to use the upfront net proceeds to strengthen its balance sheet including the pay down of its senior secured revolving credit facility.