BUZZ-Pacira rises as DOMA pushes for CEO ouster, board shake-up and sale

Reuters03-12 01:19

** Shares of drugmaker Pacira BioSciences PCRX.O rise 2% to $22.78 premarket

** Activist investor DOMA Perpetual says it has nominated three directors to PCRX board and is seeking the removal of CEO Frank Lee, citing years of poor financial performance

** Says Pacira’s stock has fallen 56% over 10 years, 68% over five years and 30% during Lee’s tenure

** Adds Pacira is too small to effectively market its non-opioid surgery pain drug Exparel and urges a formal sale process

** Criticizes PCRX board for approving high executive pay and moving headquarters to San Francisco

** Shares rose ~37% in 2025

(Reporting by Sahil Pandey in Bengaluru)

((Sahil.Pandey@thomsonreuters.com))

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