Viatris to Buy Pacira BioSciences in $1.65 Billion Cash Deal
The global healthcare company said the non-opioid pain assets EXPAREL and ZILRETTA fit a fast-acting meloxicam opportunity.
Viatris Inc. (VTRS) agreed to acquire Pacira BioSciences, Inc. (PCRX), a developer of non-opioid pain therapies, for $36.50 a share in cash, an aggregate equity value of $1.65 billion. The transaction is expected to close by the end of 2026.
The addition of EXPAREL and ZILRETTA is synergistic with Viatris’ fast-acting meloxicam opportunity and positions Viatris as a leader in non-opioid pain management therapies.
“The pending acquisition of Pacira BioSciences is an important step in advancing our strategy to build our innovative medicines business,” said Scott A. Smith, CEO, Viatris.
Pacira, an industry leader in non-opioid pain therapies, reported second-quarter 2026 total revenue of $192.4 million, up 6 percent from $181.1 million a year earlier. EXPAREL net product sales were $147.8 million in the quarter, and ZILRETTA net product sales were $32.6 million.
Pacira sold its iovera° business to Zimmer Biomet Holdings, Inc. (ZBH), in a transaction that closed on July 31, 2026. Pacira received cash of $73.6 million after purchase price adjustments, with the deal structured for up to $140 million, including potential revenue-based milestones through December 31, 2031. After that sale, Pacira updated full-year 2026 total revenue guidance to $735 million to $760 million from a prior range of $745 million to $770 million, and reiterated EXPAREL net product sales guidance of $600 million to $620 million.
UnitedHealthcare began providing separate reimbursement for EXPAREL across outpatient settings, including hospital outpatient departments and ambulatory surgery centers, enabling the product to be reimbursed outside of the surgical bundle for eligible members. Enrollment is underway in Part B of the Phase 2 ASCEND study of PCRX-201, a locally administered gene therapy for knee osteoarthritis, with topline data from Part A expected by the end of 2026.
Viatris supplies high-quality medicines to approximately 1 billion patients annually and has been reshaping its portfolio around generics, established brands and innovative brands. In December 2025 it agreed to sell its equity stake in Biocon Biologics to Biocon for $815 million, a step that would regain access to the biosimilars market and add optionality as it builds that mix. Viatris frames the Pacira purchase as a further move into innovative medicines.
The cash consideration of $36.50 a share and the $1.65 billion equity value remain the terms of the definitive agreement, with closing still subject to customary conditions and targeted for year-end 2026.