Pacira licenses DepoFoam to Novo Nordisk, plans IPO

Parsippany, NJ-based Pacira Pharmaceuticals, which makes controlled-release injectable products, has licensed its DepoFoam drug delivery technology to Danish drugmaker Novo Nordisk. The deal could be worth more than $45.5 million, according to The Associated Press.

What puts Pacira on the drug-delivery map is its DepoFoam technology, which consists of multi-vesicular liposome particles that contain internal chambers for encapsulated drugs. According to the company, DepoFoam is capable of sustained release of a drug over a period of between one and 30 days. It works with narrow gauge needles and pen systems and offers flexible delivery that can be designed to for an immediate release dose followed by sustained delivery.

Pacira is also planning an IPO. According to Dan Primack, writing in Fortune's Term Sheet newsletter, Pacira has set its IPO terms to 4.25 million common shares being offered at between $14 and $16 per share. The company has raised VC funding from MPM Capital, HBM BioVentures, ORbiMed Advisors and Sanderling Ventures.

- read The Associated Press story