DOMA Perpetual Nominees Address Pacira Biosciences Shareholders in Pursuit of Positive Change

DOMA Perpetual Nominees Send Open Letter to Pacira Biosciences Shareholders

In a bold move, DOMA Perpetual Capital Management, which owns about 7.5% of Pacira BioSciences' common stock, has reached out to the company's shareholders with a letter addressed from their independent director nominees, Christopher Dennis, MD, MBA, FAPA, and Oliver Benton 'Ben' Curtis III. This correspondence was initiated after the Pacira board dismissed the nominees as 'unqualified,' urging shareholders to maintain the status quo by voting for the current blue proxy card candidates.

Advocating for Change

The letter clarifies the nominees' stance and intentions—to drive constructive change at Pacira by leveraging their professional expertise. Both nominees have extensive backgrounds in relevant sectors that touch on Pacira’s core mission, which is to provide non-opioid pain relief solutions. They argue that the current governance lacks the strategic oversight needed to ensure maximum shareholder value while addressing pressing issues connected to the opioid epidemic.

Christopher Dennis comes with over 25 years of experience as a physician executive, especially in behavioral health and addiction medicine. He emphasizes the need for a board that understands the implications of the opioid crisis in both a clinical and policy context. His perspective is underscored by a history of engagement where he addressed clinical quality, regulatory compliance, and risk management—elements critical to Pacira's operational health.

On the other hand, Ben Curtis, a former federal prosecutor, brings invaluable legal experience that relates to patent disputes, regulatory enforcement, and litigation risk. As Pacira navigates challenges in intellectual property and market strategies, Curtis asserts that his expertise is vital for navigating these complex dynamics effectively.

Addressing the Board's Concerns

In their letter, the nominees confront the board's claims head-on, asserting that the recent stock price improvement—up over 30% since January 2025—is insufficient to mask years of underperformance. They demand transparency regarding Pacira's overall performance compared not only to its peers but to market benchmarks such as the SPDR SP Biotech ETF over multiple time frames, rather than in selective periods that favor current management.

They challenge the narrative that positions the 5% revenue growth in Q1 of 2026 as a success. With the Non-Opioids Prevent Addiction in the Nation Act fully in effect, shareholders should inquire if this growth represents a true upward trajectory or merely a temporary peak, and they highlight that fundamental issues remain unaddressed. For example, the letter points out that despite this revenue growth, the company’s GAAP net income remains low, raising questions about sustainability.

The Call to Action

The nominees urge shareholders to support meaningful change by voting for the three candidates on the WHITE proxy card, arguing that it is not about dismantling but about enhancing shareholder value through independent oversight and rigorous questioning. Their goal, if elected, is to work closely with existing board members to conduct an independent review of strategic alternatives. This includes evaluating various potential paths forward—whether it be strengthening existing strategies, considering mergers or sales, or exploring other avenues that could yield greater value.

Moreover, the nominees promise to maintain consistent communication with shareholders to ensure they are kept informed about decisions, outcomes, and the reasoning behind them, fostering a more transparent governance culture.

Conclusion

In conclusion, the letter from DOMA Perpetual’s nominees is a clarion call to Pacira BioSciences shareholders to reconsider the current leadership's approach and embrace change that brings fresh insights and real operational rigor. The nominees emphasize their lack of bias towards management and the need for a board willing to ask challenging questions that can lead to genuine improvements. They invite shareholders to read their full proxy statement and to cast their votes thoughtfully ahead of the annual meeting on June 9, 2026.

For shareholders of Pacira BioSciences, the upcoming vote may not only determine the composition of the board but significantly impact the direction of a company that stands at a critical juncture in the pharmaceutical landscape.