Viatris Inc. has agreed to acquire Pacira BioSciences Inc. in an all-cash transaction valued at approximately 1.65 billion USD, marking a significant step in its strategy to expand its innovative medicines business. Under the definitive agreement, Viatris will pay 36.50 usd per share for all outstanding shares of Pacira, a company known for developing non-opioid pain management therapies.
The proposed acquisition is intended to strengthen Viatris' position in the non-opioid pain treatment market by adding two marketed, patent-protected medicines, EXPAREL and ZILRETTA. The transaction is expected to close by the end of 2026, subject to customary closing conditions.
Pacira's portfolio includes EXPAREL (bupivacaine liposome injectable suspension), a long-acting local analgesic used to manage postsurgical pain, and ZILRETTA (triamcinolone acetonide extended-release injectable suspension), an injectable treatment indicated for osteoarthritis-related knee pain.
The two medicines provide Viatris with established branded products in the pain management segment. Pacira also has a clinical-stage development pipeline focused on musculoskeletal pain and related therapeutic areas, including PCRX-201, an investigational gene therapy being studied for knee osteoarthritis.
Viatris said the acquisition will expand its US commercial, market access, medical affairs and global research and development capabilities. The company also plans to use its international infrastructure to expand the reach of EXPAREL and ZILRETTA into selected markets outside the United States.
The deal aligns with Viatris' broader strategy to strengthen its innovative medicines portfolio and diversify beyond its established generics business. The company expects the addition of Pacira's products and development pipeline to support sustained revenue and earnings growth.
Under the agreement, Viatris will acquire Pacira for 36.50 usd per share in cash, representing an aggregate equity value of approximately 1.65 billion usd. Pacira generated approximately 746 million usd in total revenue and 177 usd million in adjusted EBITDA during the 12 months ended June 30, 2026, according to the companies' announcement.
Viatris plans to finance the acquisition primarily through excess cash, with the remainder funded through short-term borrowings. The company expects the transaction to be immediately accretive to its financial guidance metrics and anticipates a minimal impact on its gross leverage ratio.
The acquisition is also expected to complement Viatris' opportunity in fast-acting meloxicam, a potential treatment for moderate-to-severe acute pain that was awaiting an FDA decision at the time of the announcement. By combining established non-opioid pain therapies with its own development opportunity, Viatris aims to broaden its presence across different pain management needs.
Non-opioid treatments have attracted growing attention as healthcare providers seek alternatives to opioid-based pain management. EXPAREL and ZILRETTA offer Viatris established products in postsurgical pain and osteoarthritis-related knee pain, respectively, while the company's meloxicam programme could add another option if approved.
The acquisition would expand Viatris' branded medicines portfolio and strengthen its capabilities in specialty-driven therapeutic areas. The companies expect the transaction to support Viatris' long-term growth strategy while broadening its presence in non-opioid pain management.
