Viatris Inc. has entered into a definitive agreement to acquire Pacira BioSciences Inc. The transaction will see Viatris acquire all outstanding shares of Pacira common stock for $36.50 per share in cash. This represents an aggregate equity value of $1.65 billion.
Under the terms of the Merger Agreement, Viatris will commence a tender offer for Pacira shares. Following the completion of the tender offer, Viatris will acquire any remaining shares through a second-step merger. The transaction is expected to close by the end of 2026 and is subject to customary closing conditions, including the tender of a majority of the outstanding shares and the expiration of the applicable regulatory waiting period.
Pacira brings two marketed, patent-protected, high-margin medicines in the U.S.: EXPAREL (bupivacaine liposome injectable suspension) and ZILRETTA (triamcinolone acetonide extended-release injectable suspension). During the last twelve months ended June 30, 2026, Pacira generated approximately $746 million in total revenue and approximately $177 million in adjusted EBITDA.
Viatris plans to fund the transaction primarily from excess cash, with the remainder coming from short-term borrowings. The company stated that the deal is expected to be immediately accretive to its financial guidance metrics and will have minimal impact on its gross leverage ratio.
The boards of directors of both Viatris and Pacira have unanimously approved the transaction. Pacira’s board has unanimously recommended that its stockholders tender their shares in the tender offer.
