UPDATE 1-Nuvo shares jump on pain cream's U.S. debut

* Pennsaid cream now offered in U.S.

* U.S. market estimated at about $250 mln

* Could receive royalty payments up to $100 mln

* Shares climb 11.5 pct (Updates share price. In U.S. dollars unless noted)

TORONTO, April 27 (Reuters) - Shares of pharmaceutical company Nuvo Research (NRI.TO) jumped more than 11 percent on Tuesday after it said its painkiller cream is now available in the United States, a development that could lead to payments of up to $100 million from marketing partner Covidien (COV.N).

Toronto-based Nuvo said its Pennsaid topical solution, a nonsteroidal anti-inflammatory drug used for the treatment of osteoarthritis of the knee, is available by prescription in the United States.

The U.S. Food and Drug Administration late last year approved the cream for use in the United States, a market estimated to be worth $250 million.

Under a licensing deal it signed with Covidien last year, Nuvo received $10 million in upfront payments and another $15 million on the U.S. approval of Pennsaid. It could receive up to $100 million more should the treatment reach various sales milestones.

Nuvo shares were up 11.5 percent at 29 Canadian cents on the Toronto Stock Exchange on Tuesday morning. ($1=$1.01 Canadian) (Reporting by Scott Anderson; editing by Peter Galloway)