Pacira Sells Device Unit in Portfolio Overhaul
The company agreed to divest its iovera° business for up to $140 million as it narrows focus to pharmaceuticals.
The specialty pharmaceutical company Pacira BioSciences (PCRX) sold its iovera° medical-device business to Zimmer Biomet for up to $140 million, sharpening its focus on injectable drugs. The deal, announced alongside quarterly results, includes a $70 million upfront payment and up to $70 million in potential milestone payments.
The divestiture marks a strategic pivot under the company’s 5x30 growth plan, transitioning Pacira into a pure-play biopharmaceutical company. Iovera°, previously a core commercial product alongside EXPAREL and ZILRETTA, will exit the portfolio following the transaction, altering the segment mix that had defined prior quarters.
Pacira reported second-quarter revenue of $212.4 million, up 11% from the year-earlier period, and adjusted earnings of $1.23 a share, compared with $1.08 a share in the prior-year quarter. The results reflected continued demand for EXPAREL, its long-acting non-opioid pain treatment, which accounted for the bulk of sales.
Behind the top line, the company completed a manufacturing shift that began in early 2025. Pacira decommissioned its 45-liter EXPAREL facility in the first quarter, cutting about 70 technical-operations jobs, and transitioned production to larger 200-liter lines in San Diego and Swindon. The move, the company said, positions inventory levels for future growth.
Management did not provide formal guidance for the full year, citing the pending iovera° sale and ongoing portfolio realignment. The company expects the transaction to close in the fourth quarter, subject to customary regulatory approvals.
Pacira also flagged a $25 million restructuring charge tied to the manufacturing consolidation, which it expects to complete by year-end.