Viatris to Acquire Pacira for $1.65 Billion

Viatris and Pacira BioSciences announced on October 8, 2026, a definitive agreement under which Viatris will acquire all outstanding Pacira shares for $36.50 per share in cash, representing an aggregate equity value of $1.65 billion. The companies expect the transaction to close by the end of 2026, subject to customary conditions.

The acquisition will add EXPAREL (bupivacaine liposome injectable suspension) and ZILRETTA (triamcinolone acetonide extended-release injectable suspension), two marketed non-opioid pain therapies, alongside PCRX-201 (enekinragene inzadenovec), an investigational gene therapy in development for knee osteoarthritis (OA).

Transaction Terms and Strategic Rationale

Under the agreement, Viatris will launch a tender offer for Pacira’s outstanding shares, followed by a second-step merger to acquire remaining shares at the same price. Both companies’ boards unanimously approved the transaction, and Pacira’s board recommends that shareholders tender their shares. Closing requires a majority of outstanding shares to be tendered and satisfaction of other customary conditions, including expiration of the applicable regulatory waiting period.

Viatris expects the acquisition to be immediately accretive to its financial guidance metrics and plans to fund it primarily through excess cash, supplemented by short-term borrowings.

Viatris said EXPAREL and ZILRETTA complement its fast-acting meloxicam opportunity and support its strategy to expand its innovative medicines business. The company also plans to leverage its intellectual property expertise and international infrastructure to expand the portfolio’s reach in selected markets.

Pacira CEO Frank D. Lee said its portfolio had helped nearly 20 million patients access non-opioid pain management.

ZILRETTA: Approved Use and Safety

The US Food and Drug Administration (FDA) approved ZILRETTA on October 6, 2017, under New Drug Application (NDA) 208845 for the intra-articular management of knee OA pain. Its formulation uses poly (lactic-co-glycolic acid) microspheres to provide extended release of triamcinolone acetonide. Clinical studies demonstrated pain reduction over the 12-week assessment period, although individual responses vary.

The prescribing information states that the safety and efficacy of repeat administration have not been demonstrated. ZILRETTA is contraindicated in patients hypersensitive to triamcinolone acetonide, other corticosteroids or product components. It is intended for intra-articular use only; serious neurological events have followed epidural or intrathecal corticosteroid administration.

Warnings include hypersensitivity, joint infection and potential joint damage. Severe joint pain, swelling, fever or restricted movement may indicate septic arthritis. Reported adverse reactions occurring in at least 1% of patients included sinusitis, cough and contusions.

EXPAREL: Postsurgical Analgesia and Opioid Reduction

EXPAREL combines bupivacaine with multivesicular liposomes designed to release the local anaesthetic over time. Its US indications include postsurgical local analgesia through wound infiltration in patients aged six years and older, and regional analgesia in adults through specified interscalene brachial plexus, popliteal sciatic and adductor canal blocks. Other nerve blocks are not established in the prescribing information.

The companies cite opioid-consumption reductions of up to 78% with EXPAREL. This figure should be interpreted within the supporting study context, not as a universal patient outcome. The product information states that the clinical benefit of reduced opioid consumption has not been demonstrated.

EXPAREL should not be used for obstetrical paracervical block anaesthesia. Common adverse reactions include nausea, constipation and vomiting following wound infiltration, and nausea, fever and constipation following perineural administration. Sensory or motor effects may persist for up to five days. Hepatic impairment may affect bupivacaine elimination, and EXPAREL must not be administered intrathecally, intra-articularly or intravascularly.

PCRX-201: Phase 2 Development for Knee OA

PCRX-201 is an investigational, locally administered gene therapy being developed for knee OA. Its Phase 2 ASCEND study (NCT06884865) is a randomized, double-blind, active-controlled trial evaluating safety and tolerability.

The programme builds on Phase 1 findings published in 2026. Pacira reported two-year data from a 72-participant, open-label study, describing a favourable tolerability profile and exploratory improvements in pain, stiffness and function among participants remaining in follow-up. These findings are preliminary and do not establish confirmatory efficacy. PCRX-201 remains investigational.

Pacira stated that the first Phase 2 topline readout was on track for year-end 2026. This remains a company forecast rather than a completed milestone.

Reference

Viatris Agrees to Acquire Pacira BioSciences, Advancing Its Innovative Medicines Strategy and Becoming a Leader in Non-Opioid Pain Therapies, Viatris, 08 October 2026

Viatris Agrees to Acquire Pacira BioSciences, Advancing Its Innovative Medicines Strategy and Becoming a Leader in Non-Opioid Pain Therapies, Pacira Bioscience, 08 October 2026