Viatris has agreed to acquire Pacira BioSciences for $36.50 per share in cash, valuing the company’s equity at approximately $1.65 billion. The acquisition will add two marketed non-opioid pain treatments and a clinical development pipeline to Viatris’ portfolio.
Pacira’s commercial products are Exparel, a bupivacaine liposome injectable suspension used for postsurgical pain, and Zilretta, an extended-release triamcinolone acetonide injection for osteoarthritis knee pain.
Pacira generated approximately $746 million in revenue and $177 million in adjusted earnings before interest, taxes, depreciation and amortization during the 12 months ended June 30, 2026. Adjusted EBITDA is a non-GAAP financial measure.
Viatris plans to fund the transaction primarily with excess cash, supplemented by short-term borrowing. The company expects the acquisition to increase its financial guidance metrics immediately and have minimal impact on its gross leverage ratio.
Both companies’ boards unanimously approved the agreement. Viatris will launch a tender offer for all outstanding Pacira shares, followed by a merger to acquire shares not tendered at the same price.
Closing is expected by the end of 2026, subject to customary conditions, including shareholders tendering a majority of Pacira’s outstanding shares and expiration of the applicable regulatory waiting period. Pacira will become a wholly owned subsidiary, and its shares will cease trading on Nasdaq.
Viatris said it intends to expand access to Pacira’s products in selected international markets through its existing infrastructure.
Pacira’s pipeline includes PCRX-201, or enekinragene inzadenovec, a locally administered gene therapy in Phase 2 development for knee osteoarthritis. The company is also developing treatments for musculoskeletal pain and related conditions.
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