Activist investor DOMA Perpetual Capital Management is escalating its proxy fight with Pacira BioSciences, urging shareholders to vote for its three-person slate of director nominees and overhaul the company’s strategy with its 7.5% stake.
"We are independent... What we found is a business with real assets and a worthy non-opioid pain mission, operating inside a governance structure that has not produced the returns or developed the strategic discipline that shareholders deserve," director nominees Christopher Dennis and Oliver Benton "Ben" Curtis III said in a joint letter.
The activist campaign questions Pacira’s recent performance, arguing that a 5% revenue growth in the first quarter of 2026 is underwhelming given the tailwind from the NOPAIN Act, which expanded reimbursement. DOMA is pushing for a full strategic review, including a potential sale. Pacira’s management has fired back, defending its "5x30" strategy which it says produced a record $726.4 million in 2025 revenue and has generated a 22% total stockholder return since January 2025. The company characterized DOMA's plan as a "potential 'fire sale'" and called its nominees "unqualified."
The decision now rests with shareholders ahead of the company's annual meeting on June 9, 2026. The vote pits DOMA’s call for a strategic overhaul against the incumbent board’s confidence in its current growth plan, which saw first-quarter revenue for its non-opioid treatments EXPAREL, ZILRETTA, and iovera° grow 5%, 15%, and 21% year-over-year, respectively.
DOMA, which beneficially owns approximately 7.5% of Pacira's stock, put forward three nominees: Christopher Dennis, a physician executive with a background in addiction medicine; Oliver Benton "Ben" Curtis III, a former federal prosecutor with regulatory and litigation experience; and Eric de Armas. The investor argues their expertise is directly relevant to Pacira's business and necessary to correct years of underperformance.
Pacira's board has dismissed the nominees, highlighting their lack of prior public company board experience. The company is urging shareholders to vote the BLUE proxy card for its own slate of directors. Pacira argues its board has the necessary experience and has been refreshed with five new independent directors since October 2023. The company has also highlighted its return of $200 million to stockholders through a share repurchase program as evidence of its commitment to shareholder value.
DOMA's nominees have stated that if elected, they would push for a comprehensive and independent review of all strategic alternatives, from continuing with the standalone "5x30" plan to a merger or sale of the company. Pacira's management maintains that its current strategy is the best path to long-term, durable growth and that DOMA's plan is disruptive and not in the best interests of all shareholders.
The outcome of the proxy vote on June 9 will determine the strategic direction of Pacira. A win for DOMA's slate could lead to a significant shakeup and a potential sale process, while a victory for the incumbent board would serve as a shareholder endorsement of the current "5x30" strategy.
This article is for informational purposes only and does not constitute investment advice.
