Pacira's board beat a sale push in June. Four months later, it agreed to sell for $36.50
Viatris agreed on Oct. 8 to buy Pacira BioSciences for $36.50 a share in cash, the companies said. Pacira's main drug faces licensed generic copies from early 2030; Viatris cites its "proven ability" to sustain sales after competition arrives.
KeyVex News··6 min readFact-checked against 11 public recordsKeyVex News··6 min readFact-checked against 11 public records
PCRX$25.20▲ 1.8%Close, Oct. 7. Prices from Tiingo.The short versionTap to readTap to close
- In May, Pacira said a shareholder, DOMA Perpetual, wanted to force a sale at a time Pacira believed was not in all stockholders' best interests. Shareholders elected the board's nominees in June.
- A takeover price is usually compared with the last close. Viatris's $36.50 is 44.8% above Pacira's Oct. 7 close, and above every close after Aug. 25, 2023.
- EXPAREL, 79% of Pacira's first-half revenue, faces licensed generic copies from early 2030. A generic copy takes sales from the original. Viatris cites its "proven ability" to sustain sales after competition arrives.
- Next: Viatris must start its tender offer, buying shares directly from holders, within 15 business days of Oct. 8. Pacira's board, which recommends tendering, must then give its reasons.
The deal: Viatris agreed on Oct. 8 to buy Pacira BioSciences, the maker of the non-opioid pain drug EXPAREL, for $36.50 a share in cash, the companies said before the market opened. The deal values Pacira's equity at $1.65 billion, and Pacira's board unanimously recommends that holders tender their shares.Release8-K That is 44.8% above Pacira's Oct. 7 close of $25.20.Chart data Pacira shares rose about 44% in morning trading, Reuters reported.Reuters
The fight: DOMA Perpetual Capital Management, which owned about 7.5% of Pacira in May, had asked since November 2025 for a sale process. It ran three candidates for Pacira's board in a proxy fight, a contest for shareholders' votes.DOMA proxy Pacira answered in a May 19 presentation. DOMA, it said, was running its contest "with the sole purpose of forcing a sale of the Company at a time we believe is not in the best interests of all stockholders."DEFA14A
Why it matters: Shareholders elected the board's three nominees on June 9: none of DOMA's three got 15% of the votes cast for or withheld.8-K Four months later, Pacira agreed to sell, at a price above every close after Aug. 25, 2023.Chart data The buyer says it plans to use its "proven ability" to sustain sales after competitors arrive. Licensed generic copies of EXPAREL, Pacira's main drug, can start selling in early 2030.Release10-Q The filings so far don't say when talks with Viatris began.8-KRelease Pacira's formal response to the offer must give its board's reasons.Item 1012
Pacira's stock and the story's key datesDaily close, March 3, 2025 to Oct. 7, 2026 ▲ 9.8%Show chartHide chart
- 1April 7, 2025 Pacira settles the EXPAREL patent suits, after the close. The generic makers that challenged its patents get a license to sell limited amounts of a copy from early 2030. The stock had closed at $22.91.
- 2Nov. 10, 2025 DOMA Perpetual calls for a sale process. The shareholder writes that Pacira's board should hire bankers and run a formal sale process. The stock closed at $23.07.
- 3May 19, 2026 Pacira's proxy-fight presentation, after the close. Pacira says DOMA's sole purpose is forcing a sale at a time the board believes is not in all stockholders' best interests. The stock had closed at $22.31.
- 4June 9, 2026 Shareholders back the board. Each of DOMA's three nominees gets less than 15% of the votes cast for or withheld. The stock closes at $23.21.
- 5June 30, 2026 Pacira discloses a deal to sell its iovera device business. Agreed June 28 with a Zimmer Biomet unit, for up to $140 million; the sale closed July 31. The stock closes at $25.37.
- 6Oct. 7, 2026 The last close before the deal. $25.20. Viatris's offer, announced before the open on Oct. 8, is $36.50 a share in cash.
View the data (403 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-07 | $25.20 | +1.8% |
| 2026-10-06 | $24.76 | −1.2% |
| 2026-10-05 | $25.05 | −0.6% |
| 2026-10-02 | $25.21 | +0.8% |
| 2026-10-01 | $25.01 | −0.2% |
| 2026-09-30 | $25.05 | −2.3% |
| 2026-09-29 | $25.65 | +1.0% |
| 2026-09-28 | $25.39 | +1.1% |
| 2026-09-25 | $25.12 | −1.7% |
| 2026-09-24 | $25.56 | +3.8% |
| 2026-09-23 | $24.63 | −0.3% |
| 2026-09-22 | $24.70 | +2.4% |
| 2026-09-21 | $24.11 | −2.3% |
| 2026-09-18 | $24.69 | +0.9% |
| 2026-09-17 | $24.48 | −1.7% |
| 2026-09-16 | $24.91 | +3.4% |
| 2026-09-15 | $24.08 | −2.4% |
| 2026-09-14 | $24.68 | −2.7% |
| 2026-09-11 | $25.36 | +0.8% |
| 2026-09-10 | $25.16 | −2.8% |
| 2026-09-09 | $25.88 | 0.0% |
| 2026-09-08 | $25.87 | −1.8% |
| 2026-09-04 | $26.35 | −0.9% |
| 2026-09-03 | $26.60 | +0.1% |
| 2026-09-02 | $26.58 | +0.4% |
| 2026-09-01 | $26.47 | +2.2% |
| 2026-08-31 | $25.90 | +0.5% |
| 2026-08-28 | $25.76 | −0.3% |
| 2026-08-27 | $25.83 | −0.3% |
| 2026-08-26 | $25.90 | +1.4% |
| 2026-08-25 | $25.53 | +2.7% |
| 2026-08-24 | $24.86 | +0.8% |
| 2026-08-21 | $24.67 | +3.5% |
| 2026-08-20 | $23.83 | −2.2% |
| 2026-08-19 | $24.36 | +1.5% |
| 2026-08-18 | $24.00 | +3.3% |
| 2026-08-17 | $23.24 | +1.0% |
| 2026-08-14 | $23.00 | −0.8% |
| 2026-08-13 | $23.18 | −2.2% |
| 2026-08-12 | $23.70 | −2.8% |
| 2026-08-11 | $24.38 | −0.2% |
| 2026-08-10 | $24.43 | −2.4% |
| 2026-08-07 | $25.02 | −2.2% |
| 2026-08-06 | $25.58 | +2.9% |
| 2026-08-05 | $24.87 | −10.0% |
| 2026-08-04 | $27.62 | +2.6% |
| 2026-08-03 | $26.92 | +1.9% |
| 2026-07-31 | $26.41 | −2.1% |
| 2026-07-30 | $26.97 | +2.2% |
| 2026-07-29 | $26.40 | −1.5% |
| 2026-07-28 | $26.81 | +1.3% |
| 2026-07-27 | $26.47 | +2.3% |
| 2026-07-24 | $25.88 | −0.2% |
| 2026-07-23 | $25.93 | +1.3% |
| 2026-07-22 | $25.59 | −0.7% |
| 2026-07-21 | $25.78 | +1.7% |
| 2026-07-20 | $25.35 | −1.0% |
| 2026-07-17 | $25.61 | 0.0% |
| 2026-07-16 | $25.60 | +1.1% |
| 2026-07-15 | $25.33 | +1.3% |
| 2026-07-14 | $25.01 | −2.1% |
| 2026-07-13 | $25.54 | +0.2% |
| 2026-07-10 | $25.48 | −0.1% |
| 2026-07-09 | $25.50 | −0.1% |
| 2026-07-08 | $25.52 | −1.2% |
| 2026-07-07 | $25.82 | +0.9% |
| 2026-07-06 | $25.59 | +0.8% |
| 2026-07-02 | $25.39 | +1.4% |
| 2026-07-01 | $25.03 | −1.3% |
| 2026-06-30 | $25.37 | +1.1% |
| 2026-06-29 | $25.09 | −0.6% |
| 2026-06-26 | $25.24 | +3.6% |
| 2026-06-25 | $24.37 | +1.7% |
| 2026-06-24 | $23.96 | +1.9% |
| 2026-06-23 | $23.51 | +3.5% |
| 2026-06-22 | $22.71 | +1.7% |
| 2026-06-18 | $22.33 | −1.4% |
| 2026-06-17 | $22.64 | −0.8% |
| 2026-06-16 | $22.82 | +0.4% |
| 2026-06-15 | $22.74 | −1.1% |
| 2026-06-12 | $22.99 | −1.6% |
| 2026-06-11 | $23.36 | −0.3% |
| 2026-06-10 | $23.42 | +0.9% |
| 2026-06-09 | $23.21 | +1.5% |
| 2026-06-08 | $22.86 | +0.5% |
| 2026-06-05 | $22.75 | +0.4% |
| 2026-06-04 | $22.67 | +1.6% |
| 2026-06-03 | $22.32 | +0.3% |
| 2026-06-02 | $22.25 | −3.1% |
| 2026-06-01 | $22.96 | −1.1% |
| 2026-05-29 | $23.22 | −1.9% |
| 2026-05-28 | $23.68 | −1.5% |
| 2026-05-27 | $24.04 | −1.3% |
| 2026-05-26 | $24.36 | +4.3% |
| 2026-05-22 | $23.35 | −0.6% |
| 2026-05-21 | $23.48 | +2.1% |
| 2026-05-20 | $23.00 | +3.1% |
| 2026-05-19 | $22.31 | −0.6% |
| 2026-05-18 | $22.44 | −0.9% |
| 2026-05-15 | $22.64 | −3.8% |
| 2026-05-14 | $23.53 | +2.1% |
| 2026-05-13 | $23.04 | +0.9% |
| 2026-05-12 | $22.84 | +0.4% |
| 2026-05-11 | $22.74 | −1.8% |
| 2026-05-08 | $23.15 | −2.1% |
| 2026-05-07 | $23.64 | −0.2% |
| 2026-05-06 | $23.69 | −4.4% |
| 2026-05-05 | $24.79 | +0.4% |
| 2026-05-04 | $24.69 | +1.0% |
| 2026-05-01 | $24.44 | −4.1% |
| 2026-04-30 | $25.49 | +1.4% |
| 2026-04-29 | $25.14 | −1.1% |
| 2026-04-28 | $25.41 | −0.5% |
| 2026-04-27 | $25.55 | +4.2% |
| 2026-04-24 | $24.51 | −3.4% |
| 2026-04-23 | $25.36 | +1.9% |
| 2026-04-22 | $24.88 | +1.0% |
| 2026-04-21 | $24.64 | −1.0% |
| 2026-04-20 | $24.90 | +0.7% |
| 2026-04-17 | $24.72 | +3.6% |
| 2026-04-16 | $23.86 | +1.8% |
| 2026-04-15 | $23.43 | −1.3% |
| 2026-04-14 | $23.75 | −1.3% |
| 2026-04-13 | $24.06 | +1.1% |
| 2026-04-10 | $23.79 | −0.1% |
| 2026-04-09 | $23.82 | +2.5% |
| 2026-04-08 | $23.25 | +3.2% |
| 2026-04-07 | $22.53 | +1.2% |
| 2026-04-06 | $22.27 | −1.9% |
| 2026-04-02 | $22.70 | −0.4% |
| 2026-04-01 | $22.79 | +0.8% |
| 2026-03-31 | $22.60 | −2.9% |
| 2026-03-30 | $23.27 | +1.7% |
| 2026-03-27 | $22.88 | −1.8% |
| 2026-03-26 | $23.31 | −0.8% |
| 2026-03-25 | $23.49 | +1.2% |
| 2026-03-24 | $23.20 | +2.4% |
| 2026-03-23 | $22.65 | +2.4% |
| 2026-03-20 | $22.11 | −2.0% |
| 2026-03-19 | $22.57 | +2.5% |
| 2026-03-18 | $22.02 | +0.4% |
| 2026-03-17 | $21.94 | −3.3% |
| 2026-03-16 | $22.69 | −2.5% |
| 2026-03-13 | $23.26 | −1.1% |
| 2026-03-12 | $23.53 | +3.1% |
| 2026-03-11 | $22.83 | +1.7% |
| 2026-03-10 | $22.44 | +0.9% |
| 2026-03-09 | $22.24 | +1.1% |
| 2026-03-06 | $22.00 | −3.8% |
| 2026-03-05 | $22.86 | 0.0% |
| 2026-03-04 | $22.86 | +3.4% |
| 2026-03-03 | $22.10 | +3.9% |
| 2026-03-02 | $21.28 | −2.9% |
| 2026-02-27 | $21.91 | −3.0% |
| 2026-02-26 | $22.59 | −3.7% |
| 2026-02-25 | $23.46 | +0.2% |
| 2026-02-24 | $23.41 | +1.3% |
| 2026-02-23 | $23.11 | −0.5% |
| 2026-02-20 | $23.22 | +0.2% |
| 2026-02-19 | $23.18 | +0.7% |
| 2026-02-18 | $23.02 | +1.2% |
| 2026-02-17 | $22.74 | +4.5% |
| 2026-02-13 | $21.77 | +1.5% |
| 2026-02-12 | $21.45 | −1.3% |
| 2026-02-11 | $21.73 | +2.3% |
| 2026-02-10 | $21.24 | +0.8% |
| 2026-02-09 | $21.07 | +0.3% |
| 2026-02-06 | $21.00 | +3.1% |
| 2026-02-05 | $20.36 | −1.5% |
| 2026-02-04 | $20.68 | −1.6% |
| 2026-02-03 | $21.02 | −0.9% |
| 2026-02-02 | $21.22 | +3.3% |
| 2026-01-30 | $20.54 | +2.2% |
| 2026-01-29 | $20.09 | −1.4% |
| 2026-01-28 | $20.38 | +2.7% |
| 2026-01-27 | $19.85 | −3.2% |
| 2026-01-26 | $20.50 | −0.8% |
| 2026-01-23 | $20.67 | −0.5% |
| 2026-01-22 | $20.77 | +2.6% |
| 2026-01-21 | $20.24 | +4.9% |
| 2026-01-20 | $19.30 | +0.7% |
| 2026-01-16 | $19.16 | −7.2% |
| 2026-01-15 | $20.65 | −7.1% |
| 2026-01-14 | $22.24 | +3.0% |
| 2026-01-13 | $21.60 | −5.8% |
| 2026-01-12 | $22.93 | −2.5% |
| 2026-01-09 | $23.53 | −9.6% |
| 2026-01-08 | $26.02 | +0.1% |
| 2026-01-07 | $26.00 | +2.7% |
| 2026-01-06 | $25.31 | +0.8% |
| 2026-01-05 | $25.10 | +2.6% |
| 2026-01-02 | $24.46 | −5.5% |
| 2025-12-31 | $25.88 | −0.7% |
| 2025-12-30 | $26.07 | 0.0% |
| 2025-12-29 | $26.06 | −1.7% |
| 2025-12-26 | $26.51 | +1.9% |
| 2025-12-24 | $26.02 | +1.1% |
| 2025-12-23 | $25.74 | −1.1% |
| 2025-12-22 | $26.02 | −1.3% |
| 2025-12-19 | $26.35 | +1.8% |
| 2025-12-18 | $25.88 | −2.5% |
| 2025-12-17 | $26.55 | +1.4% |
| 2025-12-16 | $26.18 | −1.9% |
| 2025-12-15 | $26.68 | +1.5% |
| 2025-12-12 | $26.29 | +2.2% |
| 2025-12-11 | $25.73 | +2.2% |
| 2025-12-10 | $25.18 | +1.7% |
| 2025-12-09 | $24.77 | +1.4% |
| 2025-12-08 | $24.42 | +1.8% |
| 2025-12-05 | $23.99 | 0.0% |
| 2025-12-04 | $23.98 | −0.9% |
| 2025-12-03 | $24.19 | +0.5% |
| 2025-12-02 | $24.07 | +1.6% |
| 2025-12-01 | $23.70 | +0.6% |
| 2025-11-28 | $23.57 | −1.0% |
| 2025-11-26 | $23.81 | +2.8% |
| 2025-11-25 | $23.17 | 0.0% |
| 2025-11-24 | $23.16 | +0.5% |
| 2025-11-21 | $23.05 | +1.1% |
| 2025-11-20 | $22.80 | −6.3% |
| 2025-11-19 | $24.33 | −0.2% |
| 2025-11-18 | $24.39 | +2.1% |
| 2025-11-17 | $23.88 | +0.4% |
| 2025-11-14 | $23.78 | +0.7% |
| 2025-11-13 | $23.62 | −1.0% |
| 2025-11-12 | $23.86 | −1.1% |
| 2025-11-11 | $24.12 | +4.6% |
| 2025-11-10 | $23.07 | +4.6% |
| 2025-11-07 | $22.05 | +4.5% |
| 2025-11-06 | $21.10 | −3.4% |
| 2025-11-05 | $21.85 | −2.6% |
| 2025-11-04 | $22.44 | +1.1% |
| 2025-11-03 | $22.19 | +3.8% |
| 2025-10-31 | $21.38 | +0.5% |
| 2025-10-30 | $21.27 | +1.2% |
| 2025-10-29 | $21.01 | −1.6% |
| 2025-10-28 | $21.36 | +0.1% |
| 2025-10-27 | $21.33 | −1.9% |
| 2025-10-24 | $21.74 | +0.4% |
| 2025-10-23 | $21.66 | +0.8% |
| 2025-10-22 | $21.49 | −2.4% |
| 2025-10-21 | $22.02 | −4.3% |
| 2025-10-20 | $23.02 | +0.7% |
| 2025-10-17 | $22.87 | +0.4% |
| 2025-10-16 | $22.77 | −2.9% |
| 2025-10-15 | $23.45 | +3.2% |
| 2025-10-14 | $22.73 | +2.1% |
| 2025-10-13 | $22.26 | −0.4% |
| 2025-10-10 | $22.35 | −3.1% |
| 2025-10-09 | $23.06 | −1.5% |
| 2025-10-08 | $23.41 | −0.9% |
| 2025-10-07 | $23.62 | −1.0% |
| 2025-10-06 | $23.87 | −3.9% |
| 2025-10-03 | $24.84 | +1.1% |
| 2025-10-02 | $24.58 | −2.7% |
| 2025-10-01 | $25.27 | −1.9% |
| 2025-09-30 | $25.77 | +1.7% |
| 2025-09-29 | $25.34 | +0.4% |
| 2025-09-26 | $25.24 | −1.6% |
| 2025-09-25 | $25.65 | −1.5% |
| 2025-09-24 | $26.05 | −0.6% |
| 2025-09-23 | $26.21 | −0.9% |
| 2025-09-22 | $26.46 | −0.8% |
| 2025-09-19 | $26.66 | 0.0% |
| 2025-09-18 | $26.65 | +2.2% |
| 2025-09-17 | $26.07 | −1.7% |
| 2025-09-16 | $26.51 | −1.3% |
| 2025-09-15 | $26.86 | −1.0% |
| 2025-09-12 | $27.12 | +0.3% |
| 2025-09-11 | $27.03 | +1.6% |
| 2025-09-10 | $26.61 | +1.2% |
| 2025-09-09 | $26.30 | −1.6% |
| 2025-09-08 | $26.74 | +1.1% |
| 2025-09-05 | $26.45 | −1.0% |
| 2025-09-04 | $26.73 | −1.7% |
| 2025-09-03 | $27.18 | −0.1% |
| 2025-09-02 | $27.22 | +2.1% |
| 2025-08-29 | $26.67 | −0.7% |
| 2025-08-28 | $26.85 | +2.8% |
| 2025-08-27 | $26.13 | +0.5% |
| 2025-08-26 | $25.99 | +2.5% |
| 2025-08-25 | $25.36 | −1.9% |
| 2025-08-22 | $25.84 | +1.8% |
| 2025-08-21 | $25.39 | +1.6% |
| 2025-08-20 | $24.99 | −0.8% |
| 2025-08-19 | $25.19 | +1.2% |
| 2025-08-18 | $24.89 | +0.4% |
| 2025-08-15 | $24.78 | −0.8% |
| 2025-08-14 | $24.99 | −0.2% |
| 2025-08-13 | $25.04 | +0.9% |
| 2025-08-12 | $24.81 | −1.5% |
| 2025-08-11 | $25.19 | 0.0% |
| 2025-08-08 | $25.18 | +5.9% |
| 2025-08-07 | $23.77 | +6.1% |
| 2025-08-06 | $22.40 | −0.6% |
| 2025-08-05 | $22.54 | −1.7% |
| 2025-08-04 | $22.94 | +3.9% |
| 2025-08-01 | $22.07 | +4.6% |
| 2025-07-31 | $21.09 | −3.1% |
| 2025-07-30 | $21.77 | +0.7% |
| 2025-07-29 | $21.61 | −2.0% |
| 2025-07-28 | $22.05 | −2.2% |
| 2025-07-25 | $22.55 | +3.3% |
| 2025-07-24 | $21.82 | −1.9% |
| 2025-07-23 | $22.25 | −0.8% |
| 2025-07-22 | $22.43 | +1.2% |
| 2025-07-21 | $22.17 | +2.7% |
| 2025-07-18 | $21.59 | −3.1% |
| 2025-07-17 | $22.29 | −1.4% |
| 2025-07-16 | $22.60 | −0.6% |
| 2025-07-15 | $22.73 | −2.5% |
| 2025-07-14 | $23.31 | +1.8% |
| 2025-07-11 | $22.90 | −3.3% |
| 2025-07-10 | $23.69 | +2.2% |
| 2025-07-09 | $23.17 | 0.0% |
| 2025-07-08 | $23.18 | −0.2% |
| 2025-07-07 | $23.22 | 0.0% |
| 2025-07-03 | $23.22 | 0.0% |
| 2025-07-02 | $23.21 | −0.2% |
| 2025-07-01 | $23.25 | −2.7% |
| 2025-06-30 | $23.90 | +1.8% |
| 2025-06-27 | $23.48 | −1.0% |
| 2025-06-26 | $23.71 | −0.8% |
| 2025-06-25 | $23.91 | −2.9% |
| 2025-06-24 | $24.62 | −0.5% |
| 2025-06-23 | $24.74 | +2.1% |
| 2025-06-20 | $24.23 | +0.3% |
| 2025-06-18 | $24.15 | −1.0% |
| 2025-06-17 | $24.39 | +0.2% |
| 2025-06-16 | $24.34 | +0.4% |
| 2025-06-13 | $24.24 | −0.9% |
| 2025-06-12 | $24.45 | +0.5% |
| 2025-06-11 | $24.34 | −2.1% |
| 2025-06-10 | $24.87 | −2.2% |
| 2025-06-09 | $25.42 | −2.1% |
| 2025-06-06 | $25.97 | −2.9% |
| 2025-06-05 | $26.74 | −0.9% |
| 2025-06-04 | $26.98 | +2.2% |
| 2025-06-03 | $26.40 | +0.6% |
| 2025-06-02 | $26.24 | +1.5% |
| 2025-05-30 | $25.84 | −0.3% |
| 2025-05-29 | $25.93 | +1.4% |
| 2025-05-28 | $25.56 | −1.0% |
| 2025-05-27 | $25.82 | +0.3% |
| 2025-05-23 | $25.75 | −1.2% |
| 2025-05-22 | $26.07 | −0.3% |
| 2025-05-21 | $26.14 | −2.3% |
| 2025-05-20 | $26.75 | +2.3% |
| 2025-05-19 | $26.15 | +1.1% |
| 2025-05-16 | $25.86 | +1.0% |
| 2025-05-15 | $25.60 | +4.7% |
| 2025-05-14 | $24.45 | +4.5% |
| 2025-05-13 | $23.40 | −6.7% |
| 2025-05-12 | $25.09 | −0.1% |
| 2025-05-09 | $25.12 | +0.8% |
| 2025-05-08 | $24.91 | −1.1% |
| 2025-05-07 | $25.18 | +0.1% |
| 2025-05-06 | $25.15 | −2.6% |
| 2025-05-05 | $25.81 | −2.4% |
| 2025-05-02 | $26.45 | −1.1% |
| 2025-05-01 | $26.75 | −0.6% |
| 2025-04-30 | $26.90 | −0.4% |
| 2025-04-29 | $27.00 | −0.5% |
| 2025-04-28 | $27.14 | +5.5% |
| 2025-04-25 | $25.72 | −1.1% |
| 2025-04-24 | $26.00 | +3.2% |
| 2025-04-23 | $25.20 | −1.0% |
| 2025-04-22 | $25.45 | −1.7% |
| 2025-04-21 | $25.90 | +5.1% |
| 2025-04-17 | $24.65 | +0.7% |
| 2025-04-16 | $24.47 | −1.6% |
| 2025-04-15 | $24.88 | −0.4% |
| 2025-04-14 | $24.97 | +1.7% |
| 2025-04-11 | $24.56 | +3.7% |
| 2025-04-10 | $23.69 | −8.3% |
| 2025-04-09 | $25.84 | −1.6% |
| 2025-04-08 | $26.27 | +14.7% |
| 2025-04-07 | $22.91 | −0.8% |
| 2025-04-04 | $23.10 | −4.9% |
| 2025-04-03 | $24.29 | −2.4% |
| 2025-04-02 | $24.89 | +3.4% |
| 2025-04-01 | $24.07 | −3.1% |
| 2025-03-31 | $24.85 | −0.2% |
| 2025-03-28 | $24.91 | −1.5% |
| 2025-03-27 | $25.30 | +3.6% |
| 2025-03-26 | $24.42 | −0.5% |
| 2025-03-25 | $24.54 | −1.2% |
| 2025-03-24 | $24.84 | +2.9% |
| 2025-03-21 | $24.14 | +1.3% |
| 2025-03-20 | $23.82 | −1.9% |
| 2025-03-19 | $24.28 | +2.6% |
| 2025-03-18 | $23.67 | +1.5% |
| 2025-03-17 | $23.31 | +1.9% |
| 2025-03-14 | $22.87 | +0.8% |
| 2025-03-13 | $22.69 | +2.9% |
| 2025-03-12 | $22.04 | −4.8% |
| 2025-03-11 | $23.16 | +0.3% |
| 2025-03-10 | $23.10 | −1.2% |
| 2025-03-07 | $23.37 | −2.1% |
| 2025-03-06 | $23.86 | +1.5% |
| 2025-03-05 | $23.51 | −0.1% |
| 2025-03-04 | $23.53 | +2.5% |
| 2025-03-03 | $22.96 |
The deal was announced before the open on Oct. 8; Oct. 7 is the last close in this chart.8-K Source: Tiingo end-of-day closes, as traded, via KeyVex.
What the shareholder wanted
DOMA, an investment firm, put its demand in writing on Nov. 10, 2025: "Pacira's Board should immediately hire bankers and conduct a formal sales process for the business."DOMA letter In December it asked for an independent committee to explore a sale. In January it asked the board to let a committee led by its own nominees start a public process to explore a sale.DOMA proxy
DOMA pointed to EXPAREL. In an April 2025 patent settlement, Pacira licensed the generic makers that had challenged it to sell limited amounts of a copy from early 2030.8-K DOMA wrote that the settlement "will result in the future loss of a substantial percentage of revenues."DOMA proxy
In its May presentation, Pacira said DOMA's plan to proceed with an immediate sale process "Would allow DOMA to pursue a 'fire sale' of the Company."DEFA14A DOMA still held about 2.8 million Pacira shares on June 30, its latest quarterly holdings report shows.13F
What Viatris is buying
EXPAREL is most of the business. It brought in $291.1 million of Pacira's $369.8 million revenue in the first half of 2026, about 79%.10-Q In the 12 months to June 30, Pacira had about $746 million of revenue, Viatris said.Release That period includes iovera, a pain device Pacira agreed in June to sell to a Zimmer Biomet unit for up to $140 million.8-K The sale closed July 31.10-Q
a license to the Company’s patents required to manufacture and sell certain volume-limited amounts of a generic bupivacaine liposome injectable suspension in the U.S. beginning on a confidential date that is sometime in early 2030.
The licensed share starts at a high single-digit percentage of U.S. volume, rises to the low 30s percent in 2033 and tops out in the high 30s. From a date in 2039, the license has no limit. In October 2025, Pacira learned that two more generic makers had filed to sell copies; it sued them in November.10-Q
Viatris's portfolio "spans generics, value-added medicines, established brands and innovative medicines." It says it plans to leverage its "proven ability to extend product lifecycles and sustain meaningful sales after the entry of competition" for Pacira's drugs.Release
Pacira last closed above $36.50 on Aug. 25, 2023, at $37.16. On June 9, the day of the vote, it closed at $23.21.Chart data
View the data
| Pacira BioSciences stock | Per share | Note |
|---|---|---|
| Last close at or above $36.50 (Aug. 25, 2023) | $37.16 | No close since has reached $36.50 (as traded) |
| Viatris's offer (Oct. 8, 2026, cash) | $36.50 | Per Viatris's release and Pacira's 8-K |
| Last close before the deal (Oct. 7, 2026) | $25.20 | The offer is 44.8% above it |
| The day of the vote (June 9, 2026) | $23.21 | Shareholders back the board over DOMA's nominees |
Sources: Viatris's Oct. 8 release; Tiingo closes via KeyVex.ReleaseChart data
What others said
Pacira's chief executive, Frank D. Lee, said he was "confident that Viatris' shared vision, substantial resources, and global scale will accelerate the impact of our mission."Release
Oppenheimer analyst Les Sulewski called the premium a "full price," Reuters reported. He noted that activist pressure on Pacira had persisted since November 2025, Reuters said.Reuters Viatris shares slipped nearly 2% in morning trading, according to Reuters.Reuters
Leerink analyst Daniel Clark wrote in a client note that "we do not anticipate a meaningfully different near-term trajectory," BioPharma Dive reported. He wrote that Viatris was adding "what should be steady sources of growth and margin expansion into the 2030s."BioPharma Dive
What happens next
Viatris will make a tender offer, buying shares directly from holders, and needs more than half of Pacira's shares. It must start the offer within 15 business days of Oct. 8. If Pacira ends the deal to accept a better offer, among other cases, it owes Viatris $62.0 million.8-K
Pacira's board has already said it recommends that holders tender. Once the offer starts, Pacira has 10 business days to put that position to shareholders, with its reasons.Rule 14e-2 SEC rules say statements like "The tender offer is in the best interests of shareholders" are not enough. The board must spell out its reasons on the record.Item 1012
What to watch
Viatris must start its tender offer within 15 business days of Oct. 8, the merger agreement says.
Viatris reports third-quarter results and discusses the Pacira deal on its call.
When the companies expect the deal to close.
The paper trail
The filings this story rests on, April 7, 2025, through Oct. 8, 2026, with the time EDGAR accepted each one (Eastern).
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| April 7, 2025, 4:59 p.m. | 8-K | Pacira BioSciences | Settlement of the EXPAREL patent suits. |
| Nov. 10, 2025, 8:00 p.m. | 13D/A | DOMA Perpetual | Letter: hire bankers and run a formal sale process. |
| May 12, 2026, 5:23 p.m. | DEFC14A | DOMA Perpetual | DOMA's proxy statement for its three nominees. |
| May 19, 2026, 7:00 p.m. | DEFA14A | Pacira BioSciences | Investor presentation: DOMA's "sole purpose" is forcing a sale. |
| June 11, 2026, 4:32 p.m. | 8-K | Pacira BioSciences | June 9 vote: the board's nominees elected. |
| June 30, 2026, 7:31 a.m. | 8-K | Pacira BioSciences | iovera business to be sold to a Zimmer Biomet unit. |
| Aug. 4, 2026, 4:30 p.m. | 10-Q | Pacira BioSciences | EXPAREL sales; the settlement's generic-volume terms. |
| Aug. 12, 2026, 2:38 p.m. | 13F-HR | DOMA Perpetual | 2,777,794 Pacira shares at June 30. |
| Oct. 8, 2026, 8:38 a.m. | 8-K | Viatris | The deal: $36.50 a share in cash. |
| Oct. 8, 2026, 9:24 a.m. | 8-K | Pacira BioSciences | The merger agreement's terms. |
Sources
17 sources, 11 of them public records
Public records
- Viatris, press release on the Pacira agreement (Exhibit 99.1 to Form 8-K)SEC EDGAR · Oct. 8, 2026
- Viatris, Form 8-K filing index (acceptance time)SEC EDGAR · Oct. 8, 2026
- Pacira BioSciences, Form 8-K (merger agreement with Viatris)SEC EDGAR · Oct. 8, 2026
- Pacira BioSciences, investor presentation (DEFA14A)SEC EDGAR · May 19, 2026
- Pacira BioSciences, Form 8-K: 2026 annual meeting resultsSEC EDGAR · June 11, 2026
- DOMA Perpetual Capital Management, definitive proxy statement on Pacira (DEFC14A)SEC EDGAR · May 12, 2026
- DOMA Perpetual Capital Management, letter to Pacira's board (Exhibit 99.1 to Schedule 13D/A)SEC EDGAR · Nov. 10, 2025
- DOMA Perpetual Capital Management, Form 13F-HR information table, quarter ended June 30, 2026SEC EDGAR · Aug. 12, 2026
- Pacira BioSciences, Form 10-Q for the quarter ended June 30, 2026SEC EDGAR · Aug. 4, 2026
- Pacira BioSciences, Form 8-K: iovera sale agreementSEC EDGAR · June 30, 2026
- Pacira BioSciences, Form 8-K: EXPAREL patent settlementSEC EDGAR · April 7, 2025
Rules and references
- 17 CFR 240.14e-2: position of subject company with respect to a tender offerLegal Information Institute, Cornell Law School · current
- 17 CFR 229.1012: the solicitation or recommendation (Regulation M-A, Item 1012)Legal Information Institute, Cornell Law School · current
Reporting
- "Viatris bets on non-opioid pain drugs with $1.65 billion Pacira deal" (Reuters)WMBD · Oct. 8, 2026
- "Viatris boosts pain drug portfolio with $1.7B buyout of Pacira"BioPharma Dive · Oct. 8, 2026
Data
- End-of-day prices for PCRX, and for SPY and QQQ on the chart (Tiingo)KeyVex · through Oct. 7, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade, Form 144, 8-K and lobbying records for PCRXKeyVex · through Oct. 7, 2026
How we got these numbers
- Prices are end-of-day closes as traded, not adjusted for dividends. Daily moves are close to close. Every PCRX close in the chart's Story range is in its data table. The claim that Pacira had not closed at or above $36.50 since Aug. 25, 2023 ($37.16) covers every PCRX close in KeyVex's prices from Jan. 2, 2015, through Oct. 7, 2026. The S&P 500 and Nasdaq 100 lines follow SPY and QQQ, also as traded, rebased to PCRX's close at the start of the range shown. The Filings switch shows the filing markers from KeyVex's PCRX stock page, a selection of congressional trades, insider trades, Form 144 notices, 8-Ks and lobbying filings: not every filing, and not only those tied to this story.
- Percentages are KeyVex's math. The offer is 44.84% above the Oct. 7 close of $25.20. Vote shares are each DOMA nominee's votes for divided by votes for plus votes withheld, from Pacira's 8-K: 4,614,368 for and 28,024,482 withheld (14.1%); 4,861,350 and 27,777,500 (14.9%); 4,430,726 and 28,208,124 (13.6%). EXPAREL's share is $291,097,000 of total revenues of $369,775,000 in the six months ended June 30, 2026 (78.7%).
- DOMA's 2,777,794 shares are from its 13F information table for the quarter ended June 30, 2026, which values them at $70,472,634. Analysts' remarks are as reported by Reuters and BioPharma Dive.