Zimmer Biomet expands pain management portfolio with US$140M iovera acquisition from Pacira

USA—Zimmer Biomet has agreed to acquire Pacira BioSciences’ iovera° business in a deal worth up to US$140 million, strengthening its presence in drug-free pain management and expanding its orthopaedic care portfolio.

The transaction includes an upfront payment of US$70 million and up to US$70 million in additional revenue-based milestone payments, payable by December 31, 2031.

Expanding a drug-free pain management portfolio

The acquisition gives Zimmer Biomet full ownership of the iovera° system, an FDA-cleared medical device that relieves pain without medication.

The technology uses focused cold therapy, a technique known as cryoneurolysis, to temporarily interrupt targeted nerves and prevent them from transmitting pain signals.

It is commonly used to help patients manage pain before and after orthopaedic procedures.

Once the transaction closes, Zimmer Biomet will gain all rights to develop, manufacture and commercialise the device globally.

The company expects the addition of iovera° to complement its growing portfolio of orthopaedic solutions by providing surgeons and patients with another non-opioid option for pain management.

Alongside the acquisition, the two companies will continue working together to advance an iovera°-based programme targeting spasticity.

Under the agreement, Pacira could receive additional compensation if the programme successfully completes its registrational study and later secures regulatory approval.

Pacira sharpens strategic focus

For Pacira BioSciences, the divestiture supports its long-term strategy of transforming into a focused biopharmaceutical company.

Chief Executive Officer Frank Lee said the agreement aligns with the company’s “5×30” strategy while allowing Zimmer Biomet to expand access to the technology through its global commercial network.

Pacira plans to use the upfront proceeds to strengthen its balance sheet, including repaying its senior secured revolving credit facility.

The companies will also establish a transition services agreement to ensure a smooth transfer of iovera° operations after the deal closes.

The acquisition remains subject to customary closing conditions and is expected to be completed during the third quarter of 2026.

RBC Capital Markets is serving as Pacira’s financial adviser, while Perkins Coie is providing legal counsel.

Ice Miller is acting as legal adviser to Zimmer Biomet.

Recent strategic expansion

The latest acquisition continues Zimmer Biomet’s strategy of expanding beyond traditional implants into connected technologies and comprehensive musculoskeletal care.

Just a few days before announcing the Pacira agreement, the company highlighted its continued focus on broadening access to innovative pain management solutions while strengthening its integrated orthopaedic platform.

The iovera° acquisition also follows earlier strategic moves, including the company’s exclusive partnership with OneStep to incorporate digital mobility analytics into orthopaedic care and rehabilitation programmes.