The acquisition, Pacira said, will advance its role in non-opioid pain management by adding the iovera system to its roster. The iovera system is a non-opioid treatment for pain relief through cryoanalgesia, which applies cold therapy to a specific nerve to interrupt its ability to transmit a pain signal.
“This acquisition marks another step forward in the Pacira commitment to fighting our nation’s opioid crisis by offering patients and healthcare providers innovative therapies to reduce or eliminate the need for opioids,” Dave Stack, chairman and CEO of Pacira, said.
“We are excited to add the iovera system to our commercial offering, and expect the combination of this innovative therapy alongside EXPAREL to offer orthopedic surgery patients exceptional pain control and a potentially opioid-free postsurgical experience. We also believe iovera offers a novel approach for improving patients’ experience earlier on the neural pain pathway for persistent conditions, such as osteoarthritis. We believe iovera will benefit greatly from our financial strength, established corporate and commercial infrastructure, growing partnership network, including our substantial collaboration with Johnson & Johnson, and deep domain expertise in opioid-sparing enhanced recovery after surgery protocols.”
Under terms of the acquisition, Pacira will make an initial payment of $120 million. MyoScience shareholders will be eligible to receive up to an additional $100 million in contigent payments if certain regulatory and commercial milestones are met.
Once the deal has closed, Pacira will change its corporate name to Pacira BioScience Inc. and MyoScience will become Pacira CryoTech Inc., a wholly-owned subsidiary of Pacira BioScience.