San Diego-based Pacira Pharmaceuticals, a specialty pharmaceutical company, plunked down $220 million to acquire medical device company Myoscience and its non-opioid pain treatment system iovera.
San Diego-based Pacira Pharmaceuticals, a specialty pharmaceutical company, plunked down $220 million to acquire medical device company MyoScience and its non-opioid pain treatment system iovera.
The iovera system, which received regulatory approval from the U.S. Food and Drug Administration in 2017 for the relief of pain and symptoms associated with osteoarthritis of the knee, provides long-lasting pain relief without the use of opioids or other medications. The device uses a targeted cold therapy process called cryoneurolysis to treat peripheral nerves. According to the company, a sensory nerve will stop sending pain signals immediately after receiving targeted cold therapy via the iovera treatment. The pain relief lasts three or more months as the nerve regenerates, the company said. In February, Myoscience launched a new smart tip for its iovera system, which is designed to treat the superficial genicular nerves in a broader patient population, including those with a high body mass index.
For Pacira, the iovera system will become a part of the company’s non-opioid product portfolio, which currently includes Exparel (bupivacaine liposome injectable suspension), a single-dose and long-acting local and regional analgesic.
Dave Stack, chairman and chief executive officer of Pacira, said the addition of the Myoscience system underscores the company’s goals of providing an opioid alternative to as many patients as possible.
“We believe the iovera system has significant growth opportunity given the key role it can play in the management of pain associated with both orthopedic surgery and persistent orthopedic conditions such as osteoarthritis. By combining iovera with Exparel, we are offering healthcare providers an effective, non-opioid multimodal regimen that can help mitigate or even eliminate the use of opioids for managing pain before, during and after surgery,” Stack said in a statement.
Timothy I. Still, president and CEO of Myoscience, called the agreement between his company and Pacira “an exciting accomplishment.”
“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. 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,” Still said in a brief statement.
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. The transaction is expected to close by early April 2019, Myoscience said in its announcement.
Myoscience will present new data from a study of the iovera system at the 2019 American Academy of Orthopaedic Surgeons Annual Meeting next week in Las Vegas.
