Viatris Inc. (Nasdaq: VTRS) has agreed to acquire all outstanding shares of Pacira BioSciences, Inc. (Nasdaq: PCRX) for $36.50 per share in cash, representing an aggregate equity value of $1.65 billion. The definitive agreement, announced on Oct. 8, 2026, positions Viatris to expand its portfolio in non-opioid pain therapies by adding two established, high-margin, patent-protected products: EXPAREL and ZILRETTA.
For the twelve-month period ending June 30, 2026, Pacira reported total revenue of roughly $746 million and adjusted EBITDA of roughly $177 million. The transaction is expected to close by the end of 2026 and is anticipated to be immediately accretive to Viatris' financial guidance metrics.
| Metric | Value |
|---|---|
| Purchase Price | $36.50 per share in cash |
| Aggregate Equity Value | $1.65 billion |
| Pacira LTM Revenue | ~$746 million |
| Pacira LTM Adjusted EBITDA | ~$177 million |
Scott A. Smith, CEO of Viatris, stated that the acquisition is a significant step in building the company's innovative medicines business. He noted that adding EXPAREL for acute postsurgical pain and ZILRETTA for osteoarthritis knee pain aligns with Viatris' fast-acting meloxicam opportunity. Smith also highlighted that Pacira brings complementary U.S. commercial, market access, medical affairs, and global R&D capabilities to Viatris' existing infrastructure.
Paul Campbell, Interim CFO of Viatris, indicated that the deal will be funded primarily from excess cash, with the remainder covered by short-term borrowings. He stated that this structure is expected to have a minimal impact on Viatris' gross leverage ratio and preserves financial flexibility.
Frank D. Lee, CEO of Pacira BioSciences, said the company has helped nearly 20 million patients access non-opioid pain management. Lee expressed confidence that Viatris' resources and global scale will accelerate the impact of Pacira's therapies.
Under the transaction terms, Viatris will commence a tender offer for all outstanding Pacira common shares at $36.50 per share. Following the tender offer, Viatris will acquire any remaining shares through a second-step merger for the same consideration. The deal was unanimously approved by the boards of directors of both companies and is subject to customary closing conditions, including regulatory approval. Pacira's board recommends that stockholders tender their shares.
Morgan Stanley & Co. LLC serves as financial advisor to Viatris, while Goldman Sachs & Co. LLC serves as exclusive financial advisor to Pacira. Viatris plans to report its third-quarter 2026 financial results on Nov. 5, 2026, during which executives will also discuss the Pacira transaction.