AmacaThera, a Toronto-based developer of next-generation hydrogel-based drug delivery solutions, has entered into an exclusive global licensing agreement with Pacira BioSciences, a leader in non-opioid pain management, for the development and commercialization of AMT-143, an investigational long-acting non-opioid anesthetic for post-operative pain. The transaction is valued at up to US$230 million, comprising a US$5 million upfront payment and up to US$225 million in potential future development- and sales-based milestone payments, along with tiered royalties on future net sales. At the exchange rate on November 4, 2025 (US$1 = C$1.41), the total transaction value equates to approximately C$324 million, with the upfront payment corresponding to about C$7.05 million and potential milestones up to C$317 million. Under the agreement, AmacaThera and Pacira will collaborate on the Phase 2 clinical program, with Pacira funding clinical development, manufacturing, and commercialization, and the Phase 2 trial expected to commence in 2026. AmacaThera’s hydrogel platform enables precise, localized, and sustained drug delivery, supporting a wide range of therapeutics. Aquilo Partners LP acted as financial advisor and Osler, Hoskin & Harcourt LLP served as legal advisor to AmacaThera on the transaction.