Myoscience Inc has entered into a definitive agreement to be acquired by Pacira Pharmaceuticals Inc for up to $220 million. The transaction is expected to close by early April 2019.
The iovera° system will be part of the Pacira non-opioid product portfolio, according to the Fremont, Calif-based company in a media release.
“This agreement represents an exciting accomplishment for the Myoscience team, and is good news for patients and physicians. We are confident that Pacira is the ideal organization to bring this technology to more physicians and their patients in need of effective non-opioid pain relief,” says Timothy I. Still, president and chief executive officer of Myoscience. “We are proud of the impact our technology has made and we are excited to see iovera° reach its full potential as part of the Pacira portfolio.”
Myoscience’s FDA-cleared minimally invasive iovera° system is designed to provide fast, immediate pain relief in a simple outpatient procedure, with pain relief lasting 3 or more months as the nerve regenerates over time. iovera° safely and effectively freezes nerves while protecting surrounding tissue, using the body’s natural response to cold to immediately block a sensory nerve from sending pain signals.
Under the terms of the agreement, Pacira will pay up to $220 million in total consideration, including $120 million cash up front, and an additional $100 million upon achievement of commercial and regulatory milestones.
Myoscience will exhibit at the 2019 American Academy of Orthopaedic Surgeons (AAOS) Annual Meeting between March 12 and 16 in Las Vegas, where the company will present new data from a study of the iovera° system, the release continues.
[Source: Myoscience Inc]