Pacira to sell iovera device business to Zimmer Biomet for up to $140 million
Pacira agreed on June 28, 2026 to sell its iovera handheld cryoanalgesia device business, including subsidiary Pacira CryoTech, to Zimmer, a subsidiary of Zimmer Biomet, for up to $140 million. The deal includes a $70 million upfront payment and up to $70 million in revenue-based milestone payments through December 31, 2031, and is expected to close in the third quarter of 2026. The company says it intends to use the upfront proceeds to strengthen its balance sheet, including paying down its senior secured revolving credit facility.
Key points
- Upfront payment of $70.0 million, subject to customary adjustments for cash, receivables, indebtedness, transaction expenses and inventory
- Milestone payments of $18.5 million, $23.5 million and $28.0 million if annual iovera net revenue reaches $50 million, $60 million or $70 million in any period from 2027 through 2031
- 66 employees expected to join Zimmer, about 8% of Pacira's total workforce
- Purchase Agreement signed June 28, 2026; transaction expected to close in the third quarter of 2026
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 6:57 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 30, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.