Viatris is putting real money behind its push into non-opioid pain relief. The company has agreed to pay USD 1.65 billion in cash for Pacira BioSciences, snapping up two established pain drugs and a gene therapy candidate in the process. The price lands at USD 36.50 per share, a 44.8% premium over Pacira's last close. That kind of markup signals Viatris is betting hard on the commercial and regulatory momentum behind opioid alternatives.
Upon completion of the transaction, Pacira will become a wholly owned subsidiary of Viatris, and its shares will be delisted from the Nasdaq Global Select Market.
Exparel and Zilretta are the main prizes. Exparel is a long-acting bupivacaine liposome shot for postsurgical pain. Zilretta is an extended-release triamcinolone acetonide injection for knee osteoarthritis. Together, they brought in about USD 692 million in 2025 sales. Viatris plans to use its global sales muscle to push these drugs further, alongside its own meloxicam program now waiting on a US FDA decision in December 2026.
Viatris is running the deal through Peach Purchaser Sub Inc., a shell company set up for this buyout. The merger agreement between Pacira, Viatris, and Peach Purchaser Sub was finalized October 8, 2026, according to regulatory filings. Both companies expect to close by year-end, but the deal still needs regulatory clearance and a successful tender offer.
Viatris has emphasized that the acquisition is designed to immediately enhance its financial metrics on an accretive basis, while also supporting its strategy to expand branded pharmaceuticals outside its traditional generics business.
Pacira has been busy. In October 2026, it signed a licensing deal with Molteni Farmaceutici, handing over exclusive rights to sell EXPAREL in the EU and UK. First sales are expected in 2027. Pacira also sold its iovera business to Zimmer Biomet in July 2026, pulling in USD 73.6 million up front. These moves trimmed Pacira's focus and likely made it a cleaner target for Viatris.
Commercial and competitive context
Viatris is making its move as non-opioid pain drugs become a top priority for pharma, with recent industry deals showing the same trend. By adding Exparel and Zilretta, Viatris is stepping up in a market that draws both commercial interest and regulatory scrutiny, thanks to the ongoing opioid crisis. The gene therapy candidate signals Viatris is willing to put money into next-gen pain treatments, not just tweak old products.
Viatris is staking capital on Pacira's commercial drugs and pipeline. The premium price and promised financial boost show Viatris expects to wring value from these assets. The gene therapy program adds a longer-term angle. In a pain market that's consolidating fast, Viatris is now positioned as a serious player.
