Company: PCRX
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001104659-25-041219
Chunk: 52

Company: Pacira BioSciences, Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 52
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 intended to treat, modify, reverse, or cure a serious or life-threatening disease or condition, and for which preliminary clinical evidence indicates that the drug or therapy has the potential to address an unmet medical need; • obtained six new Orange Book-listed patents for EXPAREL, including the first patent from a new family of EXPAREL patents produced by the enhanced larger-scale manufacturing process in San Diego, California that provides patent protection for EXPAREL into July 2044; • completed a private placement of $287.5 million in aggregate principal amount of 2029 Notes and used part of the net proceeds from the issuance of the 2029 Notes to repurchase $200.0 million in aggregate principal amount of our 0.750% convertible senior notes due 2025; • obtained from CMS a permanent product-specific HCPCS J-code for EXPAREL (J0666) that became effective January 1, 2025. • obtained from CMS confirmation that both EXPAREL and iovera° qualify as eligible non-opioid pain management products under the NOPAIN Act. • Received 510(k) clearance from the FDA for a new iovera° Smart Tip designed to access the medial branch nerves to administer a medial branch block to manage chronic low back pain. Despite the multiple accomplishments described above, the People & Compensation Committee acknowledges that there was a loss to the Company’s market capitalization in 2024 and an adverse impact on stockholders due to the unfavorable outcome in the first of several Hatch-Waxman Act patent lawsuits (the “Paragraph IV patent litigation”) while still acknowledging that this litigation, along with the Company’s broader intellectual property strategy, is a work in progress, and that additional legal actions and additional patents were anticipated in the coming years. In doing so, the People & Compensation Committee used its discretion to account for this significant event, and accordingly reduced the payout under the annual incentive bonus plan. Subsequently, in April 2025, these matters were favorably settled by the Company and the other parties to the litigation. 2024 Corporate Dashboard and Performance The Company’s 2024 Corporate Dashboard was approved by the board and the People & Compensation Committee and included goals that roll-up into three main categories with a weighted mix: financial and commercial; culture and people; and pipeline and manufacturing. In 2024, financial and commercial goals consisted of net product sales, operating expenses, gross margins, and market readiness for the implementation of the NOPAIN Act; culture and people goals consisted of building organizational