Zimmer Biomet to Acquire Pacira’s iovera Nerve Therapy Tech for up to $140M

Pacira Biosciences revealed that it agreed to divest its iovera nerve therapy device to Zimmer Biomet.

Zimmer Biomet will pay $70 million upfront with potential revenue-based milestone payments of up to an additional $70 million up to and through December 31, 2031. This brings the deal’s total value to $140 million.

Iovera is a U.S. Food and Drug Administration (FDA)-cleared, drug-free device that relieves pain using cryoneurolysis, a process where focused cold therapy is applied to a target nerve and temporarily interrupts its ability to transmit pain signals.

Pacira and Zimmer Biomet said they will partner on advancing the spasticity program, with the opportunity for Pacira to receive incremental compensation given successful completion of the registrational study and subsequent regulatory approval. ZB will obtain all of Pacira’s rights, titles, and interest for iovera’s development, manufacture and commercialization.

Once the deal closes—expected in Q3 2026—Pacira plans to use the upfront net proceeds to strengthen its balance sheet, including pat down of its senior secured revolving credit facility.

“This transaction advances our transition into an innovative biopharmaceutical company and aligns with our 5×30 strategy,” said Frank D. Lee, CEO of Pacira BioSciences. “We believe Zimmer Biomet’s global scale, established expertise commercializing medical devices and commitment to significantly expanding access can unlock the full potential of iovera° to benefit more patients and providers globally.”