SCHEDULE: Doma Capital Discloses 5.7% Stake in Pacira BioSciences

Doma Perpetual Capital Management and affiliated entities have disclosed a 5.7% beneficial ownership stake in Pacira BioSciences, Inc., signaling an intent to influence the company.

Summary

• Doma Perpetual Capital Management LLC, DOMA Perpetual LO Equity Master Fund LP, Doma Perpetual Partners GP LLC, DOMA2 LLC, Pedro Escudero, and John Templeton Foundation (collectively, the "Reporting Persons") have acquired a beneficial ownership of 2,698,618 shares of Pacira BioSciences, Inc. Common Stock.
• This aggregate ownership represents 5.7% of the Issuer's outstanding Common Shares, calculated based on 47,432,721 shares as of August 5, 2025.
• The shares were acquired with working capital and personal funds, with purchases occurring in 2023, 2024, Q1 2025, Q3 2024, and specifically on August 1, 4, and 5, 2025.
• The total aggregate purchase price for the shares acquired by Doma Master Fund was $48,257,894 for 1,804,069 shares.
• Pedro Escudero individually purchased 159,000 shares for $3,256,514.
• The John Templeton Foundation acquired 735,549 shares for $16,329,100.
• The Reporting Persons intend to influence the Issuer but do not intend to take full control.
• No Reporting Person has been convicted in a criminal proceeding or been party to a civil proceeding related to securities laws in the last five years.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive. A significant investment by a reputable firm indicates confidence in the company's long-term value. However, the explicit mention of potential activist actions if the stock underperforms introduces an element of uncertainty and suggests a perceived need for improvement, preventing a higher score.

Positives

• A significant investment by Doma Perpetual Capital Management and its affiliates, including the John Templeton Foundation, indicates a belief in the underlying value of Pacira BioSciences.
• The stated intent to influence the Issuer could lead to strategic changes aimed at enhancing shareholder value if the company's performance is deemed unsatisfactory.

Negatives

• The Reporting Persons explicitly state they may contemplate mergers, reorganizations, changes in management or board composition, or material changes to operations if they believe the Common Shares are underperforming, suggesting a current perception of potential underperformance or a lack of confidence in the current trajectory.

Risks

• Potential for activist investor actions, including demands for changes in management, board composition, or corporate strategy, if the company's stock performance does not meet the Reporting Persons' expectations.
• Uncertainty regarding the specific nature and impact of potential future influence or changes sought by the Reporting Persons.

Future Outlook

The Reporting Persons may acquire additional Common Shares. While not currently contemplating extraordinary transactions or changes to management, board, operations, policies, or corporate structure, they may consider such actions if they believe the Common Shares are underperforming.

Industry Context

This filing represents a significant activist stake taken by an investment group in a biotechnology company, a common occurrence in industries where investors identify potential for operational improvements or strategic shifts to unlock shareholder value.

Stakeholder Impact

• Shareholders: Potential for increased shareholder value if the Reporting Persons' influence leads to positive strategic or operational changes. Conversely, potential for volatility if activist actions create uncertainty.
• Management and Board: May face increased scrutiny and pressure to improve performance or consider strategic alternatives.
• Employees: Potential for changes in corporate strategy or operations could indirectly impact employees, depending on the nature of any future changes.

Next Steps

• Doma Perpetual Capital Management may acquire more Common Shares of Pacira BioSciences, Inc.
• The Reporting Persons may contemplate a merger, reorganization, or other extraordinary transaction if they believe the Common Shares are underperforming.
• The Reporting Persons may contemplate changes in the Issuer's management or board composition if they believe the Common Shares are underperforming.
• The Reporting Persons may seek material changes to the Issuer's operations, policies, or corporate structure if they believe the Common Shares are underperforming.

Key Dates

Recommendation

The disclosure of a significant 5.7% stake by Doma Perpetual Capital Management, coupled with a stated intent to influence Pacira BioSciences if the stock underperforms, creates a dynamic situation. While the investment itself signals a belief in the company's value, the potential for activist engagement introduces uncertainty regarding future strategic direction. Investors should hold their positions to observe how this activist stake evolves and its potential impact on the company's performance and governance.

Keywords

Pacira BioSciences, Doma Perpetual Capital Management, Schedule 13D, Beneficial Ownership, Shareholder Activism, Equity Stake, Investment, Healthcare, Pharmaceutical, Biotechnology