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Pacira Beefs Up Non-Opioid Pain Management Via Flexion Acquisition

Pacira Beefs Up Non-Opioid Pain Management Via Flexion Acquisition
  • Pacira BioSciences Inc (NASDAQ: PCRX) has agreed to acquire Flexion Therapeutics Inc (NASDAQ: 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.

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