Viatris, a big maker of generic drugs, said it will buy Pacira BioSciences for $1.65 billion in cash.

Viatris will pay $36.50 for each Pacira share, Fierce Pharma reported. Pacira brought in $746 million in revenue over the past 12 months. Under the merger filing, Viatris will first make a tender offer, a direct bid to shareholders, and then complete a second-step merger.

The prize is pain medicine that does not use opioids. Pacira makes Exparel, a shot that numbs pain after surgery, and Zilretta, a long-acting shot for knee pain from arthritis. Both are protected by patents and earn high profit margins.

Viatris says the drugs fit with its own pain pill, a fast-acting form of meloxicam. The Food and Drug Administration has a decision date for that pill of Dec. 27, 2026. Together, the three products "position us as a leader in non-opioid pain management therapies," Viatris CEO Scott Smith said.

The company plans to pay mostly with cash it has on hand plus some short-term borrowing. Its interim finance chief, Paul Campbell, said the deal should have "minimal impact" on its debt levels.

The deal comes during a big shake-up at Viatris. After opioid settlements in 2025, rising generic competition and a fire at a plant in India this year, the company announced a three-year restructuring. That plan will cut about 10% of its 32,000 workers and cost $700 million to $850 million, Fierce Pharma reported.

Viatris expects the purchase to close by the end of 2026, if regulators and shareholders agree, BioSpace reported. A filing with securities regulators sets April 8, 2027, as the deadline, with a possible extension to July 8, 2027.

What we know: the price, the drugs involved and the target closing date.
What we don't: whether regulators will raise any concerns.