Viatris to Buy Pacira for $1.65B to Expand Non-Opioid Pain Portfolio

Viatris (VTRS) agreed to acquire Pacira BioSciences (PCRX) for $1.65 billion in cash, or $36.50 per share, with closing expected by the end of 2026.

The deal gives VTRS two marketed pain therapies, Exparel and Zilretta, which generated $350.5 million in combined sales in the first half of 2026. It also adds PCRX-201, a mid-stage gene therapy candidate for knee osteoarthritis. VTRS says the transaction should be immediately accretive to its financial metrics and will bolster its non-opioid pain management portfolio.

Interpretation: the $350.5 million in six-month sales implies a revenue base of roughly $700 million annualized if the pace holds, which frames the $1.65 billion price against a sizable commercial footprint. That is an inference from the supplied figure, not a reported number. The cash structure means PCRX holders receive a fixed $36.50 rather than VTRS equity, so PCRX's price will likely anchor to the offer, with the spread to $36.50 reflecting the market's confidence in the deal closing.

The late-2026 close leaves a long window between announcement and completion, which keeps regulatory and timing risk in play for the spread.