DOMA Nominates Candidates for Pacira Board
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 20 2026
0mins
DOMA Perpetual Capital Management which, together with its affiliates, beneficially owns approximately 7.5% of the outstanding shares of common stock of Pacira BioSciences, announced that members of DOMA's three-person slate of nominees for election to the Company's board of directors have released a joint letter to Pacira stockholders. The letter read, in part, "On May 5, 2026, the Pacira BioSciences board of directors mailed you a letter dismissing us as 'unqualified,' characterizing DOMA Perpetual Capital Management, which nominated us for election to the Board, as a disruptive force, and asking you to vote for the Company's nominees using the Company's blue proxy card to preserve the status quo. We are writing to give you a clear-eyed view of the questions that letter did not answer, and to make the affirmative case for change. We are independent. We are not employees of DOMA. We each conducted our own diligence on the Company before agreeing to stand for election. What we found is a business with real assets and a worthy non-opioid pain mission, operating inside a governance structure that has not produced the returns or developed the strategic discipline that shareholders deserve. Our purpose, if elected, is to bring fresh perspective and rigorous questioning to the Company boardroom...Even if elected, we would represent only three members of the Pacira board. We are not seeking control. We are seeking the seats necessary to ensure that the full board considers genuine alternatives, asks hard questions, and does so with members whose experience speaks directly to the Company's risks and opportunities. Shareholders deserve a board willing to confront hard truths, evaluate all options without bias or self-interest, and act decisively to protect and maximize shareholder value. Time and objectivity matter. The board has asked you to disregard DOMA's proxy statement and WHITE proxy card. We are asking you to read DOMA's proxy statement, to consider our backgrounds against the specific challenges this company faces, and to decide for yourselves whether a Board that has thus far resisted independent review should be left to evaluate itself. We respectfully request that shareholders vote FOR all three DOMA nominees, Christopher Dennis, MD, MBA, FAPA, Oliver Benton 'Ben' Curtis III, and Eric de Armas, using the WHITE proxy card in advance of the June 9, 2026 annual meeting."
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Analyst Views on PCRX
Wall Street analysts forecast PCRX stock price to rise
6 Analyst Rating
4 Buy
1 Hold
1 Sell
Moderate Buy
Current: 23.680
Low
23.00
Averages
30.33
High
38.00
Current: 23.680
Low
23.00
Averages
30.33
High
38.00
About PCRX
Pacira BioSciences, Inc. is the holding company for its subsidiary, Pacira Pharmaceuticals, Inc. The Company has three commercial-stage non-opioid treatments: EXPAREL (bupivacaine liposome injectable suspension), a long-acting local analgesic approved for infiltration, fascial plane block, and as an interscalene brachial plexus nerve block, an adductor canal nerve block, and a sciatic nerve block in the popliteal fossa for postsurgical pain management; ZILRETTA (triamcinolone acetonide extended-release injectable suspension), an extended-release, intra-articular injection indicated for the management of osteoarthritis knee pain, and iovera, a handheld device for delivering immediate, long-acting, drug-free pain control using precise, controlled doses of cold temperature to a targeted nerve. The Company is also advancing the development of PCRX-201, a locally administered gene therapy with the potential to treat largely prevalent diseases like osteoarthritis.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Pacira Secures Glass Lewis Support for Director Nominees
- Shareholder Voting Recommendation: Glass Lewis has recommended that Pacira shareholders vote in favor of three director nominees at the upcoming Annual Meeting on June 9, 2026, reflecting confidence in the company's strategic direction and likely enhancing shareholder support for governance.
- Shareholder Return Performance: Pacira achieved a total shareholder return of 37% in 2025, with a cumulative return of 23.8% since the launch of the 5x30 strategy, indicating significant progress in enhancing shareholder value and boosting market confidence in its long-term growth potential.
- New Product Pipeline: Pacira's new products, PCRX-201 and PCRX-2002, are in Phase 2 clinical trials and are expected to deliver substantial revenue growth beyond 2030, further solidifying its leadership position in the non-opioid pain management market.
- Intellectual Property Protection: The company has filed 21 Orange Book-listed patents, demonstrating the board's proactive efforts to mitigate future risks, which not only safeguards existing intellectual property but also provides a foundation for future innovation and competitive advantage.
See More
Pacira Strengthens Market Position Amid Proxy Contest
- Shareholder Voting Appeal: Pacira BioSciences urges shareholders to support its three board nominees at the upcoming 2026 Annual Meeting, emphasizing the company's leadership in non-opioid pain therapies and aiming to protect shareholder investments through stable leadership and strategic execution.
- Strong Financial Performance: In 2025, Pacira achieved total revenues of $726.4 million, with GAAP net income of $7 million and non-GAAP net income reaching $122.3 million, demonstrating a more than 31% increase in stock price following the implementation of its 5x30 strategy, indicating a robust recovery in market momentum.
- Expanded Treatment Coverage: In 2025, Pacira's products treated over 2.5 million patients, progressing towards its goal of helping 3 million patients annually by 2030, with EXPAREL achieving a year-over-year growth rate of 6.2%, showcasing the company's sustained growth potential in the non-opioid pain management market.
- Strengthened Intellectual Property Strategy: Pacira reached a favorable settlement with Fresenius Kabi regarding EXPAREL, ensuring exclusivity until 2030, which enhances the company's competitive position in the market, while expanding its patent portfolio to prevent future competition and secure long-term shareholder value creation.
See More
Surge of Regenerative Medicine IPOs
- New Company Listing: Conexeu Sciences Inc. debuted on Nasdaq on May 21, 2026, with over 25.2 million shares issued, as CEO emphasized their CXU™ platform's goal to rebuild biological structures, potentially attracting significant investor interest in regenerative medicine.
- Significant Revenue Growth: Pacira BioSciences achieved total revenue of $726.4 million in 2025, with gross margins at a historic high of 79.4%, reflecting strong demand for its non-opioid pain therapies, which may lead to increased capital inflows into related companies.
- Bioprinting Infrastructure: Stratasys reported $237.8 million in cash and equivalents with no debt in Q1 2026, and its TrueDent® resins received CE marking, enhancing its penetration in the European market and strengthening the bioprinting industry's infrastructure.
- Wound Care Innovation: Smith & Nephew launched ALLEVYN COMPLETE CARE Foam Dressing in the U.S. in March 2026, targeting chronic wound management with robust scientific backing, addressing the growing global demand for wound care and further expanding the regenerative medicine market.
See More
Surge of Regenerative Medicine IPOs
- New Listing: Conexeu Sciences Inc. debuted on Nasdaq on May 21, 2026, with 25,269,996 shares issued, as CEO emphasized the CXU™ platform's goal to rebuild biological architecture, targeting over 100,000 women annually for breast reconstruction.
- Revenue Growth: Pacira BioSciences achieved total revenue of $726.4 million in 2025 with a GAAP gross margin of 79.4%, reflecting strong market demand for non-opioid pain therapies, which is driving capital back into early-stage regenerative medicine companies.
- Bioprinting Infrastructure: Stratasys reported $237.8 million in cash and short-term deposits with no debt in Q1 2026, and its TrueDent® resins received CE marking, marking a significant advancement in its bioprinting technology in the European market.
- Wound Care Innovation: Smith & Nephew launched the ALLEVYN COMPLETE CARE Foam Dressing in the U.S. on March 10, 2026, addressing the global demand for advanced wound care products, further propelling the commercialization of regenerative medicine.
See More
Pacira BioSciences Shareholders Urged to Elect New Board Members
- Board Election Call: Shareholders of Pacira BioSciences are urged to support the election of Christopher Dennis and Oliver Benton Curtis III, backed by DOMA Perpetual Capital Management, to bring fresh perspectives and rigorous questioning to the board, despite management's criticisms of their credibility.
- Independence and Qualifications: Dennis and Curtis emphasize that they conducted independent due diligence before agreeing to run, discovering that the company possesses real assets and a commendable non-opioid pain mission, yet the current governance structure has failed to deliver the returns shareholders deserve.
- Growth Potential Questioned: The candidates challenge management's narrative of a 5% topline growth success story, suggesting that with a federal reimbursement catalyst now active and commercial coverage expanded to 110 million lives, shareholders should consider whether this growth represents merely the early ceiling of the existing strategy.
- Shareholder Rights Focus: DOMA Perpetual owns approximately 7.5% of Pacira's common stock, indicating a strong interest in the company's governance and strategic direction, aiming to drive higher shareholder value.
See More
DOMA Perpetual Critiques Pacira Management's Performance
- Persistent Underperformance: Since Frank Lee became CEO, Pacira's total shareholder return has plummeted by 46% over the past decade and 64% over the last five years, indicating a failure in management to enhance company value and protect shareholder interests.
- Mismanagement of Patent Risks: Pacira faces significant risks in its EXPAREL patent litigation, with management failing to establish effective contingency plans, which could lead to the loss of its core asset and exacerbate financial losses for shareholders.
- Unclear Strategic Direction: DOMA criticizes Pacira's 5x30 plan as illogical and ineffective in addressing potential legal risks, suggesting that management's goal-setting does not create predictable value for shareholders and may lead to wasted resources.
- Controversial Executive Compensation: Despite the company's poor performance, Frank Lee received $28 million in compensation over the past two years, raising concerns among shareholders about management prioritizing personal financial gain over the long-term development of the company.
See More
Pacira Secures Glass Lewis Support for Director Nominees
- Shareholder Voting Recommendation: Glass Lewis has recommended that Pacira shareholders vote in favor of three director nominees at the upcoming Annual Meeting on June 9, 2026, reflecting confidence in the company's strategic direction and likely enhancing shareholder support for governance.
- Shareholder Return Performance: Pacira achieved a total shareholder return of 37% in 2025, with a cumulative return of 23.8% since the launch of the 5x30 strategy, indicating significant progress in enhancing shareholder value and boosting market confidence in its long-term growth potential.
- New Product Pipeline: Pacira's new products, PCRX-201 and PCRX-2002, are in Phase 2 clinical trials and are expected to deliver substantial revenue growth beyond 2030, further solidifying its leadership position in the non-opioid pain management market.
- Intellectual Property Protection: The company has filed 21 Orange Book-listed patents, demonstrating the board's proactive efforts to mitigate future risks, which not only safeguards existing intellectual property but also provides a foundation for future innovation and competitive advantage.
See More
Pacira Strengthens Market Position Amid Proxy Contest
- Shareholder Voting Appeal: Pacira BioSciences urges shareholders to support its three board nominees at the upcoming 2026 Annual Meeting, emphasizing the company's leadership in non-opioid pain therapies and aiming to protect shareholder investments through stable leadership and strategic execution.
- Strong Financial Performance: In 2025, Pacira achieved total revenues of $726.4 million, with GAAP net income of $7 million and non-GAAP net income reaching $122.3 million, demonstrating a more than 31% increase in stock price following the implementation of its 5x30 strategy, indicating a robust recovery in market momentum.
- Expanded Treatment Coverage: In 2025, Pacira's products treated over 2.5 million patients, progressing towards its goal of helping 3 million patients annually by 2030, with EXPAREL achieving a year-over-year growth rate of 6.2%, showcasing the company's sustained growth potential in the non-opioid pain management market.
- Strengthened Intellectual Property Strategy: Pacira reached a favorable settlement with Fresenius Kabi regarding EXPAREL, ensuring exclusivity until 2030, which enhances the company's competitive position in the market, while expanding its patent portfolio to prevent future competition and secure long-term shareholder value creation.
See More
Surge of Regenerative Medicine IPOs
- New Company Listing: Conexeu Sciences Inc. debuted on Nasdaq on May 21, 2026, with over 25.2 million shares issued, as CEO emphasized their CXU™ platform's goal to rebuild biological structures, potentially attracting significant investor interest in regenerative medicine.
- Significant Revenue Growth: Pacira BioSciences achieved total revenue of $726.4 million in 2025, with gross margins at a historic high of 79.4%, reflecting strong demand for its non-opioid pain therapies, which may lead to increased capital inflows into related companies.
- Bioprinting Infrastructure: Stratasys reported $237.8 million in cash and equivalents with no debt in Q1 2026, and its TrueDent® resins received CE marking, enhancing its penetration in the European market and strengthening the bioprinting industry's infrastructure.
- Wound Care Innovation: Smith & Nephew launched ALLEVYN COMPLETE CARE Foam Dressing in the U.S. in March 2026, targeting chronic wound management with robust scientific backing, addressing the growing global demand for wound care and further expanding the regenerative medicine market.
See More
Surge of Regenerative Medicine IPOs
- New Listing: Conexeu Sciences Inc. debuted on Nasdaq on May 21, 2026, with 25,269,996 shares issued, as CEO emphasized the CXU™ platform's goal to rebuild biological architecture, targeting over 100,000 women annually for breast reconstruction.
- Revenue Growth: Pacira BioSciences achieved total revenue of $726.4 million in 2025 with a GAAP gross margin of 79.4%, reflecting strong market demand for non-opioid pain therapies, which is driving capital back into early-stage regenerative medicine companies.
- Bioprinting Infrastructure: Stratasys reported $237.8 million in cash and short-term deposits with no debt in Q1 2026, and its TrueDent® resins received CE marking, marking a significant advancement in its bioprinting technology in the European market.
- Wound Care Innovation: Smith & Nephew launched the ALLEVYN COMPLETE CARE Foam Dressing in the U.S. on March 10, 2026, addressing the global demand for advanced wound care products, further propelling the commercialization of regenerative medicine.
See More
Pacira BioSciences Shareholders Urged to Elect New Board Members
- Board Election Call: Shareholders of Pacira BioSciences are urged to support the election of Christopher Dennis and Oliver Benton Curtis III, backed by DOMA Perpetual Capital Management, to bring fresh perspectives and rigorous questioning to the board, despite management's criticisms of their credibility.
- Independence and Qualifications: Dennis and Curtis emphasize that they conducted independent due diligence before agreeing to run, discovering that the company possesses real assets and a commendable non-opioid pain mission, yet the current governance structure has failed to deliver the returns shareholders deserve.
- Growth Potential Questioned: The candidates challenge management's narrative of a 5% topline growth success story, suggesting that with a federal reimbursement catalyst now active and commercial coverage expanded to 110 million lives, shareholders should consider whether this growth represents merely the early ceiling of the existing strategy.
- Shareholder Rights Focus: DOMA Perpetual owns approximately 7.5% of Pacira's common stock, indicating a strong interest in the company's governance and strategic direction, aiming to drive higher shareholder value.
See More
DOMA Perpetual Critiques Pacira Management's Performance
- Persistent Underperformance: Since Frank Lee became CEO, Pacira's total shareholder return has plummeted by 46% over the past decade and 64% over the last five years, indicating a failure in management to enhance company value and protect shareholder interests.
- Mismanagement of Patent Risks: Pacira faces significant risks in its EXPAREL patent litigation, with management failing to establish effective contingency plans, which could lead to the loss of its core asset and exacerbate financial losses for shareholders.
- Unclear Strategic Direction: DOMA criticizes Pacira's 5x30 plan as illogical and ineffective in addressing potential legal risks, suggesting that management's goal-setting does not create predictable value for shareholders and may lead to wasted resources.
- Controversial Executive Compensation: Despite the company's poor performance, Frank Lee received $28 million in compensation over the past two years, raising concerns among shareholders about management prioritizing personal financial gain over the long-term development of the company.
See More
