As per terms of the deal, MyoScience will secure an initial payment of $120m from Pacira.

The shareholders of MyoScience are also eligible to secure up to an additional $100m in contingent payments based on the achievement of certain regulatory and commercial milestones.

MyoScience president and CEO Timothy Still said: “We are pleased to enter into this transaction and are confident that Pacira is the ideal fit to build the ioveraº franchise given their commitment to and proven track record of expanding patient access to non-opioid options.”

MyoScience produces ioveraº system, which is a non-opioid treatment that offers quick and immediate pain relief in a simple outpatient procedure.

The ioveraº is a handheld cryoanalgesia device designed to provide precise and controlled doses of cold temperature only to targeted nerves.

The ioveraº system reduces pain through cryoanalgesia mechanism, which applies intensely focused cold therapy to a specific nerve to restrict its ability to transmit a pain signal.

The firm secured 510(k) clearance from the US Food and Drug Administration (FDA) for ioveraº to block pain, pain relief, and symptoms associated with osteoarthritis of the knee as well as general surgical use.

Subject to customary closing conditions, the deal is expected to be completed in April of this year.

Once the deal concludes, Pacira is planning to change to its corporate name to Pacira BioSciences, Inc., which will market a range of non-opioid pain management and regenerative health solutions.

Pacira chairman and CEO Dave Stack said: “We believe the ioveraº system has significant growth opportunity given the key role it can play in the management of pain associated with both orthopedic surgery and persistent orthopedic conditions such as osteoarthritis.

“We will be working to leverage our strong commercial infrastructure, partnership network, including our substantial commercial collaboration with Johnson & Johnson, and deep domain expertise to drive widespread adoption of this exciting treatment.”

Pacira produces Exparel (bupivacaine liposome injectable suspension), which uses DepoFoam product delivery technology that encapsulates drugs without altering their molecular structure and releases them over a desired period of time.