Viatris agreed to buy Pacira Biosciences in a $1.65 billion cash deal, offering $36.50 a share for all outstanding Pacira stock.
Pacira generated about $746 million in revenue and about $177 million in adjusted EBITDA in the 12 months ended June 30, 2026. That puts the purchase price at roughly 2.2 times trailing revenue and about 9.3 times trailing adjusted EBITDA.
The acquisition gives Viatris two marketed pain products, Exparel and Zilretta, and comes as the company looks to build its non-opioid pain franchise. Pacira’s products will be folded into Viatris’ international infrastructure, with the company saying it expects to expand their reach in selected markets.
Viatris said the deal will be immediately accretive to its financial guidance metrics and that it plans to fund the transaction primarily with excess cash, with the rest coming from short-term borrowings. The company said the financing mix should have minimal impact on its gross leverage ratio.
Pacira’s board unanimously approved the transaction, and Pacira shareholders will receive the same $36.50 per share whether they tender into the offer or receive consideration in the second-step merger. The deal is expected to close by the end of 2026.
The acquisition also brings Viatris additional U.S. commercial, market access, medical affairs and global R&D capabilities. Pacira said its commercial portfolio has helped nearly 20 million patients access non-opioid pain management. Following these announcements, the company's shares moved -0.28%, and are now trading at a price of $17.49. Check out the company's full 8-K submission here.
