Pacira BioSciences, Inc. today announced that it has completed its previously announced acquisition of MyoScience, Inc., a privately held medical technology company. This acquisition advances the company’s leadership in non-opioid pain management by adding the FDA-approved ioveraº system to the Pacira commercial offering.
The ioveraº system is a novel, non-opioid treatment that alleviates pain through a mechanism known as cryoanalgesia, which applies intensely focused cold therapy to a specific nerve to interrupt its ability to transmit a pain signal. Results can be felt immediately after ioveraº treatment with pain relief that can last three months, and in some cases longer, as the nerve regenerates over time.
“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,” said Dave Stack, chairman and chief executive officer of Pacira. “We are excited to add the ioveraº 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 ioveraº offers a novel approach for improving patients’ experience earlier on the neural pain pathway for persistent conditions, such as osteoarthritis. We believe ioverao 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.”
On March 5, 2019, the company announced a definitive agreement and plan of merger under which Pacira would make an initial payment of $120 million. MyoScience shareholders will be eligible to receive up to an additional $100 million in contingent payments upon achievement of certain regulatory and commercial milestones. Pacira expects the acquisition to be accretive to net income beginning in the second half of 2020 and increasingly accretive thereafter.
Effective upon the closing of the acquisition, Pacira changed its corporate name to Pacira BioSciences, Inc., to better reflect its broadening portfolio of innovative non-opioid pain management and regenerative health solutions. Pacira will continue to trade under the symbol “PCRX.” Effective upon the closing of the acquisition, MyoScience became Pacira CryoTech, Inc., a wholly owned subsidiary of Pacira BioSciences, Inc.
Date: April 15, 2019
Source: Yahoo Finance