Viatris agreed to buy Pacira Biosciences in a cash deal valued at $1.65 billion, paying $36.50 a share.
Pacira generated about $746 million in revenue over the last 12 months ended June 30, 2026, and about $177 million in adjusted EBITDA. That implies a purchase price of roughly 2.2 times revenue and about 9.3 times adjusted EBITDA.
The deal adds two marketed pain therapies to Viatris’ portfolio: Exparel and Zilretta. Together, the products are already producing meaningful scale in the U.S. Pacira says nearly 20 million patients have accessed non-opioid pain management through its commercial portfolio.
Viatris said the transaction will be immediately accretive to its financial guidance metrics. It also said it expects to fund the purchase primarily with excess cash, with the rest from short-term borrowings, and that the deal will have minimal impact on its gross leverage ratio.
The company expects the acquisition to close by the end of 2026. After closing, Pacira will become a wholly owned Viatris subsidiary.
Pacira’s board unanimously approved the deal and is recommending that stockholders tender their shares. The transaction still needs a majority of Pacira shares to be tendered and regulatory waiting periods to expire.
For Viatris, the acquisition expands its U.S. innovative medicines capabilities in commercial, market access, medical affairs and global R&D, while giving it a bigger position in non-opioid pain treatment. As a result of these announcements, the company's shares have moved 1.78% on the market, and are now trading at a price of $25.20. For more information, read the company's full 8-K submission here.
