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March 5, 2019, 9:00 a.m. EST

Pacira stock down 1.9% after company announces MyoScience acquisition

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By Sarah Toy

Shares of Pacira Pharmaceuticals Inc. /zigman2/quotes/202929053/composite PCRX -0.96% fell 1.9% in premarket trade Tuesday after the company announced it was planning to acquire MyoScience Inc., a privately-held company that markets an FDA-approved non-opioid treatment for pain associated with osteoarthritis and knee replacement surgery. MyoScience's therapy, called Iovera, is a device that delivers doses of cold temperature to targeted nerves, which temporarily stops those nerves from sending pain signals -- a technique known as cryoanalgesia. Pacira thinks combining Iovera with its own drug Exparel -- a local anesthetic made up of bupivacaine and liposome delivery system DepoFoam -- could have the additive effect of getting patients off opioids entirely during post-surgical recovery. "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," said Pacira Chief Executive Dave Stack in a statement. Under the terms of the agreement, Pacira will make an initial payment of $120 million, and MyoScience shareholders could receive up to an additional $100 million upon achievement of certain regulatory and commercial milestones. The deal is expected to close in April. Pacira said it plans to change its corporate name to Pacira BioSciences, Inc., while MyoScience will become Pacira CryoTech, Inc. Shares of Pacira have gained 28% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.11% has gained 2.6%. "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," said Pacira Chief Executive Dave Stack in a statement. Under the terms of the agreement, Pacira will make an initial payment of $120, and MyoScience shareholders will be eligible to receive up to an additional $100 million upon achievement of certain regulatory and commercial milestones. The deal is expected to close in April. Pacira said it will change its corporate name to Pacira BioSciences, Inc., while MyoScience will become Pacira CryoTech, Inc. Shares of Pacira have gained 28% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.11% has gained 2.6%.

/zigman2/quotes/202929053/composite
US : U.S.: Nasdaq
$ 52.61
-0.51 -0.96%
Volume: 208,108
Oct. 22, 2021 4:00p
P/E Ratio
13.46
Dividend Yield
N/A
Market Cap
$2.34 billion
Rev. per Employee
$688,537
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/zigman2/quotes/210599714/realtime
US : S&P US
4,544.90
-4.88 -0.11%
Volume: 1.82B
Oct. 22, 2021 5:04p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,544.90
-4.88 -0.11%
Volume: 1.82B
Oct. 22, 2021 5:04p
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