WASHINGTON (dpa-AFX) - Pacira BioSciences Inc. (PCRX) on Tuesday announced an agreement to divest its iovera business to Zimmer Biomet Holdings (ZBH) for up to $140 million.
The transaction is expected to close in the third quarter of 2026.
The deal includes an upfront payment of $70 million and up to an additional $70 million in revenue based milestone payments through December 31, 2031.
The companies said it will also collaborate on advancing the spasticity program, with Pacira eligible to receive additional compensation upon successful completion of the registrational study and regulatory approval.
Zimmer Biomet will acquire all of Pacira's rights related to the development, manufacture and commercialization of the iovera system.
The company said it intends to use the upfront net proceeds to strengthen its balance sheet, including repaying its senior secured revolving credit facility.
In the pre-market trading, Pacira BioSciences is 3.83% higher at $26.05 on the Nasdaq.
In the pre-market trading, Zimmer Biomet Holdings is 0.58% lesser at $90.71 on the New York Stock Exchange.
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