Viatris to Acquire Pacira Biosciences for USD 1.65 Billion, Adds Exparel, Zilretta to Pain Portfolio
Bengaluru: Viatris said on Thursday it will buy Pacira Biosciences for USD 1.65 billion, adding the pain therapy maker's products to its portfolio.
Viatris will pay $36.50 per share, representing a 44.8% premium to the stock's last close. Pacira shares rose about 44% in morning trading, while Viatris shares slipped nearly 2%.
Oppenheimer analyst Les Sulewski said the premium represented a "full price" and that he saw limited antitrust overlap. He noted that activist pressure on Pacira had persisted since November 2025, and said Pacira shares trading near the offer price suggested investor confidence the deal would close and little expectation of a higher bid.
The deal gives Viatris access to Pacira's Exparel, used to manage acute pain after surgery, and Zilretta, a treatment for pain associated with osteoarthritis of the knee. The two drugs generated net product sales of $575.1 million and $116.6 million, respectively, in 2025.
Viatris said it expects to expand the drugs into select international markets, deepening its push into patent-protected medicines as it searches for new growth drivers.
The acquisition is "synergistic with our fast-acting meloxicam market opportunity and positions us as a leader in non-opioid pain management therapies," Viatris CEO Scott Smith said.
The US Food and Drug Administration is expected to decide by Dec. 27 whether to approve Viatris' fast-acting meloxicam for the treatment of moderate-to-severe acute pain.
Viatris said it plans to fund the acquisition primarily with excess cash, with the remainder coming from short-term borrowings. The company said the transaction would have minimal impact on its gross leverage ratio.
The deal comes after Viatris in August raised its annual adjusted profit forecast, helped by strong branded-drug sales and growth in China.
Still, the company has faced pressure from manufacturing setbacks in India, including a fire at its Nashik plant, as well as intensifying competition in generics.
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.
