India, June 30 -- Pacira BioSciences, Inc. (PCRX), a commercial-stage biopharmaceutical, announced an agreement to divest Iovera Zimmer Biomet Holdings, Inc. (ZBH) for a total payment of up to $140 million.
Under the terms of the agreement, Pacira will receive an upfront payment of $70 million and may earn up to an additional $70 million in revenue-based milestone payments till December 31, 2031, making the total deal worth approximately $140 million.
Upon closing of the transaction, Pacira plans to utilize the upfront net proceeds to improve its balance sheet, including debt repayment under its revolving credit facility. Zimmer Biomet will obtain all of Pacira's rights, title and interest related to the development, manufacture and comme...