Viatris to buy Pacira BioSciences for $36.50 a share in cash
The deal values the maker of EXPAREL and ZILRETTA at $1.65 billion and is expected to close by the end of 2026
Published
Viatris has agreed to acquire Pacira BioSciences for $36.50 per share in cash, through a tender offer valuing the company at $1.65 billion in aggregate equity.
Pacira makes EXPAREL and ZILRETTA, two non-opioid pain treatments. Over the twelve months to June 30, 2026, the company generated approximately $746 million in revenue and approximately $177 million in adjusted EBITDA.
The companies expect the transaction to close by the end of 2026. Once it does, Pacira will become a wholly owned subsidiary of Viatris and will stop trading on Nasdaq.
The price works out to roughly 9.3 times Pacira's trailing adjusted EBITDA and about 2.2 times its revenue, a multiple that suggests confidence in EXPAREL and ZILRETTA's growth even though both products have faced periodic questions over competition and reimbursement in the non-opioid pain market. For Viatris, a company built mainly on generics and off-patent brands, the purchase marks a move toward branded, higher-margin specialty products rather than volume-driven generics. Paying entirely in cash removes any dilution risk for Viatris shareholders and gives Pacira shareholders a fixed value rather than exposure to Viatris's own stock. With the deal expected to close this year, it also offers a marker for how buyers are currently pricing mid-cap specialty pharmaceutical companies with established non-opioid branded products.