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DewDiligence

10/11/21 10:30 AM

#239895 RE: ronpopeil #239892

PCRX acquires FLXN for $8.50/sh cash_plus_non-tradeable CVR:

https://www.globenewswire.com/news-release/2021/10/11/2311713/29848/en/Pacira-BioSciences-to-Acquire-Flexion-Therapeutics-Further-Expanding-Leadership-Position-in-Non-Opioid-Pain-Management.html

The buyout price—excluding the CVR—is a 47% premium to Friday’s close. The nominal deal value is $428M.

The CVR payout schedule is as follows:

• $1.00 per share if total calendar year ZILRETTA net sales achieve $250 million;

• $2.00 per share if total calendar year ZILRETTA net sales achieve $375 million;

• $3.00 per share if total calendar year ZILRETTA net sales achieve $500 million;

• $1.00 per share upon U.S. FDA approval of FX201; and

• $1.00 per share upon U.S. FDA approval of FX301.

The milestones associated with each contingent cash payment must be achieved, if at all, on or before December 31, 2030.