Viatris offers $36.50 per share for Pacira BioSciences
Nov 9, 2026
Viatris Inc. (NASDAQ: VTRS) has a tender offer open to acquire Pacira BioSciences, Inc. (NASDAQ: PCRX) for $36.50 per share in cash. The offer is scheduled to expire one minute after 11:59 p.m. Eastern Time on November 16, 2026, unless it is extended.
The deal
According to the companies' joint press release of October 8, 2026, and the offer documents filed with the US Securities and Exchange Commission:
- Viatris agreed to acquire Pacira for $36.50 per share in cash, an aggregate equity value of $1.65 billion
- the boards of both companies unanimously approved the agreement
- the offer is made by Peach Purchaser Sub, a wholly owned subsidiary of Viatris
- Pacira's board unanimously recommends that shareholders tender their shares in the offer
- shares not tendered will be acquired in a second-step merger for the same price
- the companies expect the transaction to close by the end of 2026
Conditions
The offer requires that more than 50% of Pacira's outstanding shares are tendered, and that the waiting period under US competition law (the Hart-Scott-Rodino Act) expires or ends. The offer has no financing condition. Viatris said it expects to fund the deal mainly from excess cash, with the rest from short-term borrowings.
What Pacira does
Pacira BioSciences develops non-opioid pain treatments. Its products include EXPAREL, an injectable used to manage pain after surgery, and ZILRETTA, an injectable used for osteoarthritis knee pain. According to the press release, Pacira had approximately $746 million in total revenue for the twelve months ended June 30, 2026.
Frank D. Lee, Pacira's chief executive, said the company's mission has been "to deliver innovative, non-opioid pain therapies to transform the lives of patients".
What Viatris does
Viatris is a US-headquartered global healthcare company. Its portfolio includes generic medicines, established brands, value-added medicines and innovative medicines. Scott A. Smith, Viatris's chief executive, described the deal as "an important step in advancing our strategy to build our innovative medicines business".
What a tender offer is
In a tender offer, a buyer offers to purchase shares directly from a company's shareholders at a set price, for a set period of time. Shareholders who want to accept "tender" their shares, usually through their broker. If enough shares are tendered and the other conditions are met, the buyer purchases them. In this deal, the remaining shares will then be acquired in a merger at the same price, without a separate shareholder vote, as allowed under Delaware law.
A tender offer can be faster than a traditional merger, which usually requires a shareholder meeting and vote.
Non-opioid pain treatment
Opioids are strong painkillers that are widely used after surgery, but they carry risks such as dependence and side effects. Hospitals and doctors have therefore looked for ways to manage pain while reducing opioid use, for example with local anaesthetics that act at the site of surgery. Pacira's products are designed for this area of pain management.
What happens after closing
If the deal is completed, Pacira will become a wholly owned subsidiary of Viatris, and its shares will stop trading on Nasdaq. Shareholders who did not tender would receive the same cash price per share in the merger.
What to watch
Key items include the expiration of the offer on November 16, any extension of the offer, the result of the tender and the closing of the merger.
Risks and uncertainties
Deals can be delayed or may not be completed if conditions are not met. Offer periods can be extended. The pharmaceutical industry is affected by regulation, competition and pricing pressure. Pharmaceutical shares can be volatile.
What this means for investors
For Investing.one users following Viatris and Pacira BioSciences, the progress of the tender offer may be relevant. The information above is based on the companies' press release and SEC filings.
Sources
- Viatris and Pacira joint press release, Oct 8, 2026 (SEC 8-K)
- Offer to Purchase, Oct 30, 2026 (SEC Schedule TO)
This is not investment advice. Your capital is at risk.
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