Pacira to divest iovera° cryoneurolysis business to Zimmer Biomet

Pacira BioSciences announced on June 30, 2026 that it has agreed to divest its iovera° business to Zimmer Biomet Holdings. Pacira announced the divestiture of iovera° to Zimmer Biomet Holdings, Inc., a global medical technology leader.¹ The underlying agreement was signed two days earlier: on June 28, 2026, Pacira BioSciences and its wholly owned subsidiary Pacira CryoTech entered into a Stock and Asset Purchase Agreement with Zimmer, Inc., a subsidiary of Zimmer Biomet Holdings.¹

Under the deal terms, Pacira agreed to divest all issued and outstanding capital stock of the subsidiary along with certain assets and liabilities related to its handheld cryoanalgesia devices, including iovera°, for up to $140.0 million, including an upfront payment of $70.0 million, subject to customary adjustments.¹ The 66 employees expected to be hired by Zimmer Biomet upon closing represent approximately 8% of Pacira's total workforce.¹

The remaining consideration is tied to sales performance. The agreement provides for contingent milestone payments through December 31, 2031: $18.5 million if net revenue from the current iovera° products reaches $50.0 million in any calendar year period from 2027-2031, $23.5 million at the $60.0 million threshold, and $28.0 million at the $70.0 million threshold.¹

The companies also plan further collaboration. The parties will work together on advancing the spasticity program, with Pacira eligible for additional compensation if the registrational study succeeds and regulatory approval follows.¹

Closing is subject to customary conditions and is expected in the third quarter of 2026.¹ Upon closing, Pacira intends to use the upfront net proceeds to strengthen its balance sheet, including paying down its senior secured revolving credit facility.¹ RBC Capital Markets is serving as Pacira's financial advisor with Perkins Coie as legal counsel, while Ice Miller is representing Zimmer Biomet.¹