Micro-Cap Deals Roundup for Week of Oct. 5, 2026
Viatris agreed to buy Pacira for $36.50 a share in cash, Altaris completed its Simulations Plus acquisition, and INNOVATE closed its DBM Global sale. Bank merger approvals and revised Twin Vee ownership terms added separate deal milestones.
Viatris signed a definitive agreement to acquire all outstanding Pacira BioSciences common shares for $36.50 per share in cash, representing an aggregate equity value of $1.65 billion. Announced Oct. 8, the transaction remained pending. Pacira’s marketed U.S. products include EXPAREL, a bupivacaine liposome injectable suspension, and ZILRETTA, a triamcinolone acetonide extended-release injectable suspension.
A separate healthcare transaction reached completion on Oct. 6: affiliates of Altaris acquired Simulations Plus under the transaction originally announced June 16, 2026. Each Simulations Plus shareholder received $18.50 in cash per share at the merger’s effective time, and the company became privately held. Simulations Plus said it is being combined with Chemical Computing Group, an Altaris portfolio company that provides molecular modeling and drug discovery software, and will continue operating under its own name and brand within the combined business.
Completed sales with cash and stock terms
INNOVATE completed the sale of DBM Global to IES Holdings, which acquired all outstanding DBM Global common shares. INNOVATE, through DBM Global Intermediate Holdco, previously owned approximately 91.21%; other stockholders held the remaining approximately 8.79%. At closing, INNOVATE and that subsidiary received approximately $378 million in cash and 430,974 IES common shares, valued at approximately $146 million using IES’s Oct. 2 closing share price. The shares are subject to a maximum 60-day lock-up period under the agreement.
INNOVATE and its holding subsidiary also received $35 million in cash as compensation for costs and obligations associated with a joint Section 338 tax election, bringing their total closing cash to approximately $413 million. The purchase price remains subject to post-closing adjustments based on cash, working capital, indebtedness, transaction expenses and other agreed items. Other DBM Global stockholders are entitled to their proportionate share of the base purchase price, subject to customary adjustments, entirely in cash.
Firy’s sale involved a minority holding. It sold its entire approximately 10.5% stake in Exit Games back to Exit Games for $55 million in cash. The transaction closed Oct. 2, and Firy reported on Oct. 5 that it had received the proceeds in full. Firy purchased the stake in July 2021 for $50 million under its former name, Skillz. Exit Games develops the Photon multiplayer networking technology.
Duos Technologies announced a completed sale on Oct. 5, transferring all outstanding equity interests in Duos Edge AI – GPUaaS, LLC to Axe Compute. The subsidiary was formed to hold Duos’s GPU compute cluster and related equipment supply and financing positions. Duos said it retains the site, power and colocation infrastructure and continues serving its Columbus, Georgia, customer under a revised five-year agreement.
Bank mergers: signing and approvals
Third Coast Bancshares signed a definitive agreement to acquire Great Plains Bancshares in an all-stock transaction valued at approximately $239.6 million using Third Coast’s Oct. 6 closing stock price. The agreement exchanges Great Plains common shares for Third Coast common shares. Third Coast said it expects to issue 5,570,352 shares, with pro forma ownership of approximately 78% for Third Coast shareholders and 22% for Great Plains shareholders. Great Plains National Bank operates 23 branches across Oklahoma and Texas.
Both boards unanimously approved the agreement. Third Coast said it expects the transaction to close in the first quarter of 2027, subject to regulatory approvals, Great Plains shareholder approval and other closing conditions. Under the agreement, Great Plains National Bank would merge into Third Coast Bank and operate as Great Plains Bank, a division of Third Coast Bank.
Isabella Bank Corporation and Grand River Commerce had already entered into their merger agreement on June 11. On Oct. 6, they announced receipt of all required regulatory approvals; Grand River shareholders approved the merger Sept. 18. Isabella and Grand River said they expect to close Nov. 2, 2026, pending satisfaction of customary closing conditions.
Revised ownership and a semiconductor agreement
Twin Vee PowerCats and USFM amended their pending merger agreement, changing proposed ownership of the combined parent to 93% for pre-closing USFM stockholders and 7% for pre-closing Twin Vee stockholders, from 90% and 10%, respectively. The transaction terms call for Twin Vee’s marine-business assets and liabilities to transfer before completion to a trust benefiting pre-closing Twin Vee stockholders. Those holders would receive nontransferable contingent value rights entitling them to future trust distributions. Closing remains subject to disinterested Twin Vee shareholder approval, regulatory approvals and other conditions.
XMax signed a definitive share purchase agreement to acquire all issued and outstanding shares of Hexa Creation. XMax described the target as focused on 1200V vertical gallium nitride power semiconductor technology for AI data center power infrastructure and other high-voltage applications. XMax said Hexa Creation holds an exclusive license to certain university-owned patents and related intellectual property supporting that technology platform.