Key Highlights

  • Viatris agreed on October 8, 2026 to buy Pacira BioSciences (NASDAQ:PCRX) for USD 36.50 per share in cash, an Equity value of about USD 1.65 billion, through a tender offer and second-step merger.
  • Pacira (NASDAQ:PCRX) traded near USD 36.30, up 44.07% in published market data, which implies a prior close near USD 25.20, simple arithmetic, and leaves the stock about 0.5% under the offer price.
  • Closing is expected by the end of 2026 and needs a majority of outstanding Pacira shares tendered plus expiry of the regulatory waiting period, with both boards approving the deal unanimously.
  • Pacira (NASDAQ:PCRX) reported second quarter 2026 Revenue of USD 192.4 million, up 6%, and trimmed its 2026 revenue guidance to USD 735 million to USD 760 million from USD 745 million to USD 770 million.

What Viatris Agreed to Pay

Viatris announced on October 8, 2026 that it will acquire Pacira BioSciences (NASDAQ:PCRX) for USD 36.50 per share in cash. The offer values Pacira's equity at about USD 1.65 billion and will be made as a tender offer, followed by a Merger at the same price for shares not tendered. Viatris plans to fund it mainly from excess cash, with the rest from short-term borrowings, and expects minimal impact on its gross leverage. Viatris chief executive Scott Smith called the deal an important step in its strategy, and Pacira chief executive Frank Lee said Viatris would accelerate the company's mission. Viatris said the deal should be immediately accretive to its guidance metrics but gave no figures, and it did not state a premium.

How the Price Compares

Pacira sells EXPAREL, a long-acting numbing injection used after surgery, and ZILRETTA for knee osteoarthritis pain. Viatris said Pacira generated about USD 746 million of revenue and USD 177.0 million of adjusted EBITDA over the twelve months to June 30, 2026. Pacira held USD 251.0 million of cash and investments and USD 363.1 million of net long-term Debt at June 30, 2026, so net debt was about USD 112 million, simple arithmetic. Adding that to the equity value gives an Enterprise value near USD 1.76 billion, roughly 10 times adjusted EBITDA, though the dates are mixed and the iovera sale to Zimmer Biomet, which closed July 31, 2026, is not stripped out.

Risks and What to Watch

A tender offer succeeds only if enough holders tender, and antitrust review must clear first. If the Waiting Period or conditions drag on, the gap between the USD 36.30 quote and USD 36.50 offer can widen, because that gap reflects the market's timing and completion risk. Pacira's own guidance cut, with EXPAREL sales still guided to USD 600 million to USD 620 million, shows the product is mature. Competing offers are possible but none has been reported. Viatris will discuss the transaction on its third quarter call on November 5, 2026 at 8:30 a.m. ET, and a tender offer filing with the tender expiry date should follow.

Where Things Stand

Pacira (NASDAQ:PCRX) soared 44% because Viatris agreed to buy it for USD 36.50 per share in cash, about USD 1.65 billion, a price far above the roughly USD 25.20 implied prior close. A quote only about 0.5% below the offer suggests traders expect the deal to complete, but that is a market judgment, not a guarantee. The offer needs enough shares tendered and regulatory clearance, and Viatris expects closing by the end of 2026. The next catalysts are the tender offer filing and the November 5 Viatris call.