DOMA Perpetual Capital Management urges Pacira BioSciences, Inc. (PCRX) to pursue sale amid ongoing underperformance

Market Cap: $993 million | Pacira BioSciences, Inc. engages in the development, manufacture, marketing, distribution, and sale of non-opioid pain management and regenerative health solutions to healthcare practitioners in the United States. 

On December 11, 2024,  DOMA Perpetual Capital Management (4.14%) announced its intent to nominate four independent director candidates at the 2025 annual meeting. DOMA expressed confidence in Pacira’s intellectual property and criticized the stock as significantly undervalued. It urged the company to initiate a tender offer for 10 million shares using cash on hand and execute its approved $150 million buyback program supported by strong free cash flow. Source

On March 14, 2025, DOMA Perpetual Capital Management announced the nomination of three director candidates citing concerns over company's poor stock performance (down 76% in the last decade) and misaligned management compensation. Source

On April 21, 2025, DOMA withdrew its nomination.

On November 10, 2025, DOMA Perpetual Capital Management (6.83%) sent a public letter to the Board recommending actions, including engaging a banker to explore a sale of the business. They criticized excessive stock-based compensation, rising costs, and management’s failure to deliver returns, despite repeated shareholder communications. DOMA argues that Pacira’s flagship product, Exparel, remains undervalued and could achieve a valuation near $66 per share under a strategic buyer. The letter calls for hiring bankers to run a sale process by Q1 2026, freezing new M&A and R&D projects, cutting costs, and completing the current $300 million buyback before launching another.