Pacira BioSciences Announces Agreement to Divest its iovera° Business to Zimmer Biomet

About this update from Pacira Biosciences, Inc.

-- Pacira to receive up to $140 million with $70 million upfront and up to an additional $70 million in potential future revenue-based milestone payments ---- Two companies will collaborate on advancing the spasticity program ---- Supports 5x30 strategy and advances Pacira’s transition into an innovative biopharmaceutical company -- BRISBANE, Calif., June 30, 2026 (GLOBE NEWSWIRE) -- 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. “This transaction advances our transition into an innovative biopharmaceutical company and aligns with our 5x30 strategy,” said Frank D. Lee, chief executive officer of Pacira BioSciences. “We believe Zimmer Biomet’s global scale, established expertise commercializing medical devices and commitment to significantly expanding access can unlock the full potential of iovera° to benefit more patients and providers globally.”Transaction DetailsUnder 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. To support a smooth transition of iovera° into Zimmer Biomet, the parties intend to enter into a customary transition services agreement in connection with the closing. The closing of the transaction is subject to the satis...

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