DOMA Perpetual Capital Management announced on March 12, 2026 that it has nominated Christopher Dennis, Oliver Benton Curtis III, and Eric de Armas to serve on Pacira BioSciences’ board of directors. The nominations will be considered at Pacira’s 2026 annual meeting of stockholders.
The move follows DOMA’s long‑standing criticism of Pacira’s governance and performance. The activist investor has highlighted a 56% decline in the company’s share price over the past decade and a 68% drop over the last five years, including a 30% slide under CEO Frank Lee. DOMA has also raised concerns about “financial controls” and “executive compensation” that it says have outpaced shareholder returns.
Pacira has responded by confirming receipt of the nominations and reaffirming its commitment to shareholder value. The company cited progress on its “5x30 strategy,” launched in January 2025, which aims to accelerate growth and improve profitability. Pacira reported treating 2.5 million patients in 2025, a 6.2% increase in EXPAREL volume versus 3.6% in 2024, and record gross margins of 79% GAAP and 81% non‑GAAP. The company also completed $150 million in share repurchases in 2025 and noted a favorable settlement of a patent‑infringement lawsuit.
The nominees bring a mix of expertise that DOMA believes will strengthen Pacira’s oversight. Christopher Dennis is a physician executive with experience in healthcare delivery; Oliver Benton Curtis III is a former federal prosecutor and trial lawyer; and Eric de Armas serves as CFO and chief compliance officer at DOMA, bringing finance and risk‑management experience.
Pacira’s board has met with DOMA 12 times since CEO Frank Lee took the helm in January 2024, and the company says DOMA has not offered new strategic insights beyond those already under consideration. The 2026 annual meeting, where the nominations will be voted on, has not yet been scheduled.
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