Viatris, Devon Energy, and Coca-Cola Advance Major Strategic Deals

Pharmaceutical maker Viatris Inc. (VTRS) is purchasing Pacira BioSciences (PCRX) in an all-cash transaction valued at $1.65 billion, offering $36.50 for each share. The takeover price carries a 44.8% markup over Pacira's final trading rate on Wednesday. In a separate multi-billion-dollar transaction, oil producer Devon Energy (DVN) will convey its properties in the Eagle Ford region to Crescent Energy (CRGY) for $4.2 billion. Meanwhile, beverage producer Coca-Cola Company (KO) is pursuing a buyer to unload its British coffee enterprise, Costa Coffee.

The purchase of Pacira gives Viatris Inc. ownership of two non-opioid pain relief therapies: an injectable post-surgical treatment called Exparel and a knee osteoarthritis medication named Zilretta. During 2025, Exparel recorded $575.1 million in net revenue, while Zilretta brought in $116.6 million. Viatris intends to introduce both therapies across international markets as part of a strategy to diversify past generic drugs. For Devon Energy, shedding the mature Eagle Ford footprint allows the producer to focus resources on Permian Basin fields following its recent Coterra Energy union, while directing cash toward stock repurchase programs and balance sheet improvement.

To pay for the Pacira deal, Viatris will draw mostly on available cash reserves and temporary borrowing, targeting completion prior to the end of 2026. Devon Energy expects its divestiture to Crescent Energy to wrap up before the year finishes. Finally, Coca-Cola Company is attempting to divest Costa Coffee—which it originally bought for $5.1 billion back in 2018—after a prior attempt stalled due to lukewarm buyer interest.