DOMA Perpetual Nominates Three Highly Qualified Candidates for the Board of Pacira BioSciences, Inc.

News Market Reaction – PCRX

+3.07%

7 alerts

+3.07% News Effect

+4.1% Peak in 17 hr 45 min

+$29M Valuation Impact

$968.11M Market Cap

0.6x Rel. Volume

On the day this news was published, PCRX gained 3.07%, reflecting a moderate positive market reaction. Argus tracked a peak move of +4.1% during that session. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $29M to the company's valuation, bringing the market cap to $968.11M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

10-year share decline: 56% 5-year share decline: 68% Decline under current CEO: 30% +5 more

8 metrics

10-year share decline 56% Stock performance over the last decade cited by DOMA

5-year share decline 68% Stock performance over last 5 years cited by DOMA

Decline under current CEO 30% Share price change under CEO Frank Lee referenced in letter

DOMA ownership 7.3% of shares Beneficial ownership of Pacira common stock by DOMA

Executive pay vs market cap 7% Management executive compensation approaching 7% of market capitalization

Shareholder return vs CEO pay 2 years DOMA says 2 years where CEO RSUs exceeded total EPS paid to shareholders

Current price $22.83 Pre-news share price from market context

Market capitalization $908,593,221 Pre-news equity value from market context

Market Reality Check

Price: $22.64 Vol: Volume 554,061 is below t...

low vol

$22.64 Last Close

Volume Volume 554,061 is below the 20-day average of 892,417 (relative volume 0.62), suggesting a moderate pre-news response. low

Technical Shares at 22.83 trade below the 200-day MA of 23.78 and sit 17.4% under the 52-week high of 27.64, though still 21.44% above the 52-week low of 18.80.

Peers on Argus

PCRX is up 1.74% while close peers show mixed moves: COLL (-2.38%), AMPH (-0.74%...

PCRX is up 1.74% while close peers show mixed moves: COLL (-2.38%), AMPH (-0.74%), DVAX (+0.06%), HROW (+3.91%), AVDL (0%). The pattern indicates a stock-specific reaction rather than a coordinated sector move.

Historical Context

5 past events · Latest: Mar 11 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 11	Activist nomination	Positive	+1.7%	DOMA nominates three directors to address governance and strategy concerns.
Mar 06	Inducement grants	Negative	-3.8%	New hire option and RSU grants under inducement plan increase equity overhang.
Mar 04	Conference participation	Neutral	+3.4%	Company schedules a Barclays healthcare conference fireside chat in Miami.
Mar 02	Clinical data update	Positive	-2.9%	IGOR registry data show pain and stay benefits for EXPAREL and iovera°.
Feb 26	Earnings release	Positive	-3.0%	Q4 and 2025 results with EXPAREL-driven revenue and positive GAAP net income.

Pattern Detected

Recent news often saw negative reactions even to operational or clinical positives, while governance and compensation items have drawn mixed but sometimes supportive price responses.

Recent Company History

Over the last few weeks, Pacira reported Q4 and 2025 results with revenue of $196.9M for the quarter and $726.4M for the year, plus modest profitability, yet the stock fell after earnings. Subsequent clinical data from the IGOR registry for EXPAREL and iovera° also saw a negative reaction. Routine items like inducement grants and a conference appearance produced mixed moves. The DOMA campaign to nominate three directors and criticize governance follows this backdrop of operational progress but weak share performance.

Market Pulse Summary

This announcement centers on DOMA’s 7.3% ownership and its push to replace three Pacira directors, c...

Analysis

This announcement centers on DOMA’s 7.3% ownership and its push to replace three Pacira directors, citing a 56% 10-year and 68% 5-year share decline plus rising executive pay. Against a backdrop of recent profitability and ongoing EXPAREL data, the campaign highlights governance, capital allocation, and compensation as key issues. Investors may watch how the board responds, how other shareholders react, and whether any strategic review or leadership changes are formally initiated.

Key Terms

rsus, restricted stock units

2 terms

rsus financial

"the Board's Compensation Committee signed off on a change from options-based compensation to RSUs"

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

restricted stock units financial

"this change in compensation has paid more to CEO Frank Lee than what was distributed in earnings per share"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

AI-generated analysis. Not financial advice.

Pacira's Stock is Down 56% Over the Last Decade and Down 68% Over the Last 5 Years^[i]; Under the Leadership of CEO and Board Member Frank Lee, the Stock Has Fallen 30%^[ii]; The Company's Underperformance is Reflected in Consistently Missed Earnings, Continuous Lowering of Guidance, Which is Then Missed, and a Complete Lack of Combined Profitability in the Last Two Years^[iii]; We believe the Stock Price Reflects the Market's Lack of Trust in Management and the Board of Director's Utter Failure of Oversight

DOMA Asserts Frank Lee Should be Replaced Immediately; the Board Should Name an Interim CEO and Conduct a Formal Sale Process of the Business

DOMA's Three Highly Qualified Nominees Possess Vast Experience in Strategic Capital Allocation, Risk Management, Healthcare, Internal Investigations, Litigation, and Due Diligence

MIAMI, March 12, 2026 /PRNewswire/ -- DOMA Perpetual Capital Management LLC ("DOMA Perpetual") is a fundamentals-based, value-oriented investor that, together with its affiliates (collectively "DOMA" or "we"), beneficially owns approximately 7.3% of the outstanding shares of common stock of Pacira BioSciences (NASDAQ: PCRX) ("Pacira" or the "Company").^[iv]

DOMA today announced its nomination of three highly skilled director candidates to Pacira's Board of Directors (the "Board"): Christopher Dennis, Oliver Benton Curtis III and Eric de Armas. DOMA believes electing these nominees is critical to address the Board's lack of financial controls, sophistication and legal expertise, and to develop proper management oversight at the Board level. These candidates possess significant, relevant experience and are prepared to ensure that all shareholders' interests are fully represented on the Board.

DOMA's aim is to generate profit for the Company's shareholders, who have been forced to weather consistent year-over-year declines in the stock price while Company expenses and Management compensation have soared. DOMA believes the Board must avoid taking any further risk with IP battles and has previously privately notified members of the Board of its concern that the Board's actions may potentially constitute gross negligence.

The Board has spent years generating zero value for shareholders while lavishly compensating its executives and members. DOMA believes that the Company's shareholders should not continue to tolerate a Board that has overseen years of stock price decline while expenses and management compensation have increased.^[v] Moreover, since the Company's Management has proven incapable of meeting performance-based goals that would benefit all shareholders, the Board's Compensation Committee signed off on a change from options-based compensation to RSUs^[vi]. In the last two years, this change in compensation has paid more to CEO Frank Lee than what was distributed in earnings per share to all shareholders combined^[vii]. This compensation was not a reward for value creation or a job well done; it follows two years of dismal performance, in which the stock price has fallen over 30% and expenses have swelled across the firm.^[viii] Management executive compensation is unsustainable, currently approaching 7% of the Firm's entire market capitalization.^[ix]  

The Board has continued to approve wasteful and unjustified expenditures, including allowing management to spend shareholder cash relocating the Company's headquarters to San Francisco despite the significant cost to shareholders and without providing a clear strategic justification for the move.^[x] DOMA believes EXPAREL is a valuable asset whose potential has been undermined by management's strategic and operational execution.  DOMA believes that shareholders must elect directors that understand that the Board must undertake a comprehensive review of the decisions and strategy that have contributed to the Company's sustained underperformance.

The interests of Pacira's shareholders must finally be put first. The Board should immediately engage bankers to proceed with a sale of the Company, discontinuing future acquisitions of pipeline drugs and maximizing returns and returning capital to its rightful owners, the Company's shareholders. EXPAREL is the only non-opioid pain medication for use in the surgical setting in the United States, a country still suffering from a horrible opioid epidemic. The drug lowers costs for providers and patients and has the potential to save countless lives by offering an effective alternative to opioid pain management. Pacira is too small to market this drug with scale and efficiency. By selling Pacira to a larger firm, the Company can ensure that shareholders finally receive the return they deserve and a larger, savvier company will be able to accelerate the distribution and application of this incredible drug.  DOMA remains open to engaging constructively with the Board to achieve a solution that maximizes value for all shareholders.

Director Nominees:

• Christopher Dennis, MD, MBA, FAPA – Mr. Dennis is a visionary physician executive and board-certified psychiatrist with 25+ years of leadership across behavioral health, substance use disorders, and digital health, who brings deep experience in health care and opioid addiction.
• Oliver Benton Curtis III – Mr. Curtis is a former federal prosecutor and accomplished trial lawyer who currently advises on regulatory enforcement, internal investigations, and due diligence regarding third-party and business transactions.
• Eric de Armas – Mr. de Armas, CFO and CCO of DOMA Perpetual, has over two decades of experience in the financial industry. He possesses substantial knowledge of corporate finance, risk management and strategic capital allocation.

About DOMA Perpetual Capital Management LLC:
DOMA Perpetual Capital Management LLC is an asset management firm based in Miami, Florida. DOMA Perpetual strives to achieve great investment results by identifying attractive, uncorrelated companies with sustainable competitive advantages, while limiting exposure to downside risks. It employs an opportunistic, fundamentals-based strategy that invests in companies across a variety of sectors and market caps throughout the globe.

Contact:
DOMA Perpetual Capital Management LLC
ir@domaperpetual.com

CERTAIN INFORMATION CONCERNING THE PARTICIPANTS

DOMA Perpetual Capital Management LLC, a Delaware limited liability company ("DOMA"), together with the other participants named herein, intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit votes for the election of its slate of director nominees at the 2026 annual meeting of stockholders of Pacira BioSciences, Inc., a Delaware corporation (the "Company").

DOMA STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.

The participants in the proxy solicitation are anticipated to be DOMA, DOMA1 LLC, a Delaware limited liability company ("DOMA1"), DOMA Perpetual LO Equity Master Fund LP, an exempted limited partnership organized under the laws of the Cayman Islands ("DOMA LO Master"), DOMA Perpetual Partners GP LLC, a Delaware limited liability company ("DOMA GP"), DOMA2 LLC, a Delaware limited liability company ("DOMA2"), Reliability LLC, an investment holding company wholly-owned by the John Templeton Foundation ("JTF"), Pedro Escudero, Christopher Dennis, Oliver Benton Curtis III and Eric de Armas.

As of the date hereof, DOMA LO Master directly beneficially owns 1,965,775 shares of Common Stock, par value $0.001 par value per share, of the Company (the "Common Stock"). As of the date hereof, JTF directly beneficially owns 812,019 shares of Common Stock.^[xi] As of the date hereof, Pedro Escudero directly beneficially owns 159,000 shares of Common Stock. As of the date hereof, Mr. de Armas directly beneficially owns 1,389 shares of Common Stock. As Investment Manager of DOMA LO Master and JTF, DOMA may be deemed to beneficially own the 2,777,794 shares of Common Stock collectively beneficially owned by DOMA LO Master and JTF. As the managing member of DOMA, DOMA1 may be deemed to beneficially own the 2,777,794 shares of Common Stock beneficially owned by DOMA. As general partner of DOMA LO Master, DOMA GP may be deemed to beneficially own the 1,965,775 shares of Common Stock beneficially owned by DOMA LO Master.  As the managing member of DOMA GP, DOMA2 may be deemed to beneficially own the 1,965,775 shares of Common Stock beneficially owned by DOMA GP. As Founder and Chief Investment Officer of DOMA and Managing Member of DOMA GP, DOMA1 and DOMA2, Mr. Escudero may be deemed to beneficially own the 2,777,794 shares of Common Stock beneficially owned by DOMA and DOMA1 in addition to the 159,000 shares of Common Stock directly beneficially owned by Mr. Escudero. As of the date hereof, neither Messrs. Dennis nor Curtis beneficially own any shares of Common Stock.

Disclaimer

This letter has been prepared by DOMA.  The views expressed herein reflect the opinions of DOMA and are based on publicly available information with respect to Pacira BioSciences, Inc. ("Pacira" or the "Company"). DOMA recognizes that there may be confidential information in the possession of the Company that could lead it or others to disagree with DOMA's conclusions. DOMA reserves the right to change or modify any of such views or opinions at any time and for any reason and expressly disclaims any obligation to correct, update, or revise the information contained herein or to otherwise provide any additional materials.

For the avoidance of doubt, this press release was not produced by any person that is affiliated with Pacira, nor was its content endorsed by Pacira. This press release is provided merely as information and is not intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security nor as a recommendation to purchase or sell any security. One or more funds managed by DOMA currently beneficially owns shares of the Company.

Some of the materials in this press release contain forward-looking statements. All statements contained herein that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "potential," "could," "opportunity," "estimate," "plan," "once again," "achieve," and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained herein that are not historical facts are based on DOMA's current expectations, speak only as of the date of these materials and involve risks, uncertainties and other factors that may cause actual results, performances or achievements to be materially different from any future results, performances or achievements expressed or implied by such projected results and statements. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of DOMA.

[i]	Bloomberg Database as of March 10th 2026
[ii]	Bloomberg Database as of March 10th 2026
[iii]	Bloomberg Database, Pacira Company Filings, JPM Equity Research February 2026, Barclays Equity Research February 2026
[iv]	Pacira Company Filings, DOMA Perpetual Internal Calculations
[v]	Pacira Company Filings
[vi]	Pacira Proxy Filings
[vii]	Pacira Company Filings, DOMA Perpetual Internal Calculations
[viii]	Bloomberg Database, Pacira Company Filings
[ix]	Pacira Company Filings, DOMA Perpetual Internal Calculations
[x]	Pacira Q1 2025 8-K
[xi]	DOMA is acting as investment manager with respect to the shares beneficially owned by JTF for which DOMA exercises discretionary investment and voting authority. JTF is not making or sponsoring the director nominations.

 

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SOURCE DOMA Perpetual