Viatris bets on non-opioid pain drugs with $1.65 billion Pacira deal
VTRS•Viatris said it will buy Pacira BioSciences for $1.65 billion in cash, offering $36.50 per share, a 44.8% premium to Pacira’s last close. The companies expect the transaction to close by the end of 2026, and Viatris said it would immediately add to its financial guidance metrics.
1. Cash offer for Pacira
Viatris will pay $36.50 per share for Pacira BioSciences, a 44.8% premium to Pacira’s last close. The deal adds Exparel, used to manage acute pain after surgery, and Zilretta, a treatment for knee osteoarthritis pain. The drugs generated net product sales of $575.1 million and $116.6 million, respectively, in 2025.
2. Expanding branded medicines
Viatris said it expects to expand the drugs into select international markets as it builds its patent-protected medicines business beyond generics. CEO Scott Smith said the deal is “synergistic with our fast-acting meloxicam market opportunity” and positions the company as a leader in non-opioid pain management therapies. The FDA is expected to decide by Dec. 27 whether to approve Viatris’ fast-acting meloxicam for moderate-to-severe acute pain.
3. Funding and closing timeline
Viatris plans to fund the acquisition primarily with excess cash, with the remainder from short-term borrowings, and said it would have minimal impact on its gross leverage ratio. The companies expect the transaction to close by the end of 2026. Viatris said the deal would be immediately accretive to its financial guidance metrics.
