Pacira Beefs Up Non-Opioid Pain Management Via Flexion Acquisition

  • Pacira BioSciences Inc PCRX has agreed to acquire Flexion Therapeutics Inc FLXN for $8.50 per share in cash, plus one contingent value right (CVR) worth up to $8.00 per share in cash. 
  • Pacira ended Q2 of 2021 with cash, cash equivalents, and short-term investments of $646.6 million.
  • The deal adds a non-opioid portfolio to Pacira's offering to provide an opioid alternative for the neural pain pathway.
  • The transaction also adds multiple clinical milestones, including initiating a Phase 3 trial of Zilretta in shoulder osteoarthritis, advancing Phase 1 studies of FX201 for musculoskeletal pain, and FX301, a lower extremity nerve block for postsurgical pain.
  • Flexion acquisition is expected to be accretive to full-year 2022 earnings and significantly accretive after that. The transaction will close in Q4 of 2021. 
  • For Q3, Pacira expects Exparel and iovera° sales of $121.9 million and 4.2 million compared with $113.7 million and $2.7 million a year ago, respectively.
  • Flexion expects Zilretta sales of $21 million - $23 million for Q3.
  • Price Action: FLXN shares jumped 71.5% at $9.91, while PCRX stock traded 0.98% lower at $47.50 during the premarket session on the last check Monday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: BiotechM&ANewsHealth CareMoversTrading IdeasGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!