Pacira BioSciences jumps on $1.65 billion Viatris buyout deal
BUZZ-Pacira BioSciences jumps on $1.65 billion Viatris buyout deal Updates
** Shares of Pacira BioSciences PCRX.O rise 44% to more than 3-year high of $36.30
** PCRX on track for its biggest one-day gain on record, if gains hold
** Drugmaker Viatris VTRS.O to buy Pacira BioSciences for $1.65 billion in cash, paying $36.50 per share
** The offer price represents a premium of about 44.8% to Pacira's last closing price of $25.20
** The deal adds Pacira's non-opioid pain drugs Exparel and Zilretta to Viatris' portfolio
** Shares of Viatris slip 2.6% to $17.04
** J.P.Morgan says "we do not see the acquisition as significantly changing the broader financial profile for VTRS in the near-term and longer-term, and we anticipate gradual erosion for Exparel 2030+ due to generic entry"
** The companies expect the deal to close by the end of 2026
** Including session moves, PCRX up 40.2% and VTRS up 36.8% YTD
(Reporting by Kamal Choudhury and Siddhi Mahatole in Bengaluru)
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