NEW YORK, June 3, 2026, 15:09 EDT
Pacira BioSciences shares held steady Wednesday after ISS sided with management, according to the company. ISS backed the board slate from Pacira ahead of the June 9 vote for three seats. The proxy adviser told shareholders to support Pacira’s picks—Christopher Christie, Samit Hirawat and Thomas Wiggans—and reject the board candidates from DOMA Perpetual Capital Management, Pacira said.
The vote is in focus now because this isn’t a typical annual meeting. Pacira is in a proxy contest, with shareholders picking between rival board slates. The outcome could decide if Pacira sticks with its “5×30” growth plan or sees calls rise for a strategic review, maybe even a sale. SEC
Pacira shares traded at $22.33, up 8 cents. That put the non-opioid pain drug maker’s market cap around $914 million. The SPDR S&P Biotech ETF stood at $129.22, up $1.46.
ISS said in Pacira’s proxy filing that the board had acted proactively and that DOMA hasn’t given a strong reason to shake things up. The firm made the call days after Glass Lewis supported the same three management nominees.
Glass Lewis backed Pacira’s plan, calling its goals “actionable and reasonable.” The firm pointed to a 37% total return projected for shareholders in 2025, factoring in stock moves and dividends. Glass Lewis also said DOMA hasn’t given enough grounds to drop the 5×30 plan for now. GlobeNewswire
DOMA, which holds roughly 7.5% of Pacira, is moving to put Eric de Armas, Christopher Dennis and Oliver Benton “Ben” Curtis III on the board. The group’s definitive proxy says Pacira needs three new independent directors to address what DOMA called ongoing economic underperformance. DOMA also said its picks would be a board minority and could lack the votes to push through changes they see as necessary. SEC
Pacira is looking to hold onto its existing business and pipeline as it lays out a 5×30 plan. The goals: treat over 3 million patients annually by 2030, see double-digit product revenue growth each year, boost gross margin by five points from 2024, hit five new clinical programs, and make five partnerships.
Pacira said first-quarter revenue came in at $177.4 million, a 5% increase from last year. EXPAREL sales also rose 5% to $143.3 million. ZILRETTA sales climbed 15% and iovera gained 21%. The company left its 2026 guidance unchanged, sticking to total revenue of $745 million to $770 million and EXPAREL sales between $600 million and $620 million.
Pacira CEO Frank D. Lee said in the April results release the company started 2026 with “strong momentum” and is heading into a “data-rich period.” Lee said results are expected this year from PCRX-201 in knee osteoarthritis, ZILRETTA in shoulder osteoarthritis, and iovera in spasticity. Phase 2 refers to a mid-stage human trial. Phase 3 is a late-stage trial usually tied to regulatory approval. Pacira BioSciences, Inc.
Pacira showed up at the Jefferies Global Healthcare Conference in New York on Wednesday and plans to attend the Goldman Sachs healthcare event on June 8, right ahead of its annual meeting. Management is using these investor meetings to push their message to shareholders before the vote.
Pacira’s new commercial data comes from a May 27 real-world study of over 6,400 opioid-naïve Medicare Advantage patients who had outpatient total shoulder arthroplasty. The company said EXPAREL was linked to less opioid use, lower healthcare spending, and fewer opioid-related events. Chief Commercial Officer Brendan Teehan said these findings are getting more attention as payers and health systems look for ways to cut opioid exposure.
Heron Therapeutics sells ZYNRELEF for pain after soft tissue and orthopedic surgery. Vertex Pharmaceuticals got the nod in 2025 for JOURNAVX, the first oral non-opioid cleared in the U.S. for moderate-to-severe acute pain in adults. Neither matches Pacira’s lineup, but both keep the focus on reimbursement, real-world evidence, and how fast non-opioid pain options are picked up by doctors.
But there’s a clear risk here. Support from proxy advisers doesn’t ensure votes, and the fight could drag on if the board stays split. Even if management keeps control, Pacira still needs to show EXPAREL growth, good clinical data and better payer uptake. The company’s own filings warn about risks for product adoption, trials, manufacturing, lawsuits, and whether EXPAREL, ZILRETTA, and iovera can sell.
