Parsippany-based Pacira Pharmaceuticals Inc. has acquired Fremont, California-based MyoScience Inc., a medical technology company, for $120 million, the pair announced Monday.
MyoScience currently markets the iovera system, a novel, FDA-approved non-opioid treatment for pain.
“We are delighted to announce this strategic acquisition, which is highly complementary to EXPAREL and underscores our corporate mission to provide an opioid alternative to as many patients as possible,” Dave Stack, chairman and CEO of Pacira, said.
“We believe the iovera system has significant growth opportunity given the key role it can play in the management of pain associated with both orthopedic surgery and persistent orthopedic conditions such as osteoarthritis. We will be working to leverage our strong commercial infrastructure, partnership network, including our substantial commercial collaboration with Johnson & Johnson, and deep domain expertise to drive widespread adoption of this exciting treatment.”
Once the deal has closed, Pacira said it plans to change its corporate name to Pacira BioSciences Inc. to better reflect its footprint in non-opioid pain management and regenerative health solutions. MyoScience will also become Pacira CryoTech Inc., a wholly-owned subsidiary of Pacira.
“We are pleased to enter into this transaction and are confident that Pacira is the ideal fit to build the iovera franchise given their commitment to and proven track record of expanding patient access to non-opioid options,” Timothy Still, CEO and president of MyoScience, said. “This acquisition comes at a time when opioid abuse and addiction has reached epidemic proportions and alternative approaches to pain management are being mandated. We believe adding iovera to EXPAREL-based opioid-sparing protocols will help create an opioid-free perioperative and postoperative experience for many patients.”
The transaction is expected to close in April.
