Core Viewpoint - PharmaCorp RX Inc. has announced a non-binding letter of intent to acquire pharmacy files, patient records, and related operational data for $350,000, with the acquisition expected to close in the first quarter of 2026 [1][3]. Acquisition Details - The Proposed Acquisition involves the purchase of prescription files and patient records but does not include the target's corporate entity or other operating assets [2]. - The acquisition will be financed using cash on hand, and no finder's fees will be applicable [1]. Strategic Intent - The transaction is part of PharmaCorp's strategy to enhance operational efficiency and strengthen patient care in local communities [4]. - The company aims to integrate the acquired pharmacy files into its existing pharmacy to ensure continuity of care for local residents [4]. - PharmaCorp is focused on a national consolidation strategy through disciplined acquisitions that add long-term value for shareholders [4]. Company Background - PharmaCorp is a Canadian pharmacy acquisition platform that empowers pharmacists as equity partners and supports succession for retiring pharmacy owners [5]. - The company operates seven PharmaChoice Canada bannered pharmacies and plans to continue acquiring both bannered and independent pharmacies across Canada [5].

Summary of Pacira BioSciences FY Conference Call Company Overview - **Company**: Pacira BioSciences (NasdaqGS:PCRX) - **Focus**: Commercial-stage biopharmaceutical company specializing in non-opioid pain therapeutics - **Key Products**: - Exparel: Provides approximately 72 hours of post-surgical pain relief - Zilretta: Long-acting corticosteroid for osteoarthritis (OA) knee pain - Iovera: Handheld device for immediate long-term pain relief using cryo technology - **Pipeline**: Includes indication-expanding opportunities and novel programs, notably PCRX-201 [2][3][4] Financial Performance - **Revenue Guidance**: Expected to exceed $700 million for the year - **Adjusted EBITDA**: Anticipated to be a couple of hundred million - **Capital Allocation**: Focus on top-line growth, pipeline investment, and stock repurchase of approximately $100 million over recent quarters [5] Strategic Plan: 5 by 30 Plan - **Objective**: - Reach 3 million patients benefiting from therapies by 2030 (currently at 2.4-2.5 million) - Achieve 10% CAGR in top-line growth over the next five years - Improve gross margin by 5% compared to 2024 levels - Establish partnerships for international commercialization of products - Introduce five novel programs to the pipeline by 2030 [6][8] Product-Specific Insights Exparel - **Reimbursement Update**: The No Pain Act allows separate reimbursement for Exparel in outpatient settings, potentially enhancing sales growth [9][10] - **Market Access**: Modernized medical market access and commercial infrastructure to improve reimbursement opportunities [10][11] Zilretta - **Adoption and Growth**: Zilretta is the only FDA-approved long-acting corticosteroid for OA knee pain. The sales force has been separated to focus on specific products, which is expected to drive growth [12][13] - **Label Expansion**: Ongoing trials for OA shoulder, with data expected mid-year [17] PCRX-201 - **Gene Therapy**: A novel gene therapy vector delivered locally into the knee, showing promising safety and efficacy data. The trial is designed to assess safety primarily, with potential for repeat dosing [22][24][30] - **Market Potential**: Aimed at making gene therapy more accessible and cost-effective compared to traditional therapies [25][36] Additional Opportunities - **Spasticity Trial**: Ongoing trial for the Iovera device in spasticity, with interim data expected in the first half of next year [18] - **Veterinary Applications**: Potential for development in companion animals, particularly for OA in dogs, which could represent an out-licensing opportunity [37] Conclusion - Pacira BioSciences is positioned for growth with a strong focus on non-opioid pain management solutions, a robust pipeline, and strategic initiatives aimed at expanding market reach and improving financial performance. The company is actively pursuing opportunities in both human and veterinary medicine, indicating a broad vision for its innovative therapies [40][41]

Core Insights - The study published in Pain Physician shows that iovera° cryoneurolysis significantly improves functional outcomes for chronic low back pain patients compared to radiofrequency ablation (RFA) [1][6] - Patients treated with iovera° experienced lower pain scores and improved functional disability over a 12-month period [8] Study Findings - The pilot study involved 30 patients with facet-mediated chronic low back pain, comparing iovera° to RFA [4] - At 180 days, pain scores for iovera° patients were 3.1 compared to 5.4 for RFA patients (p=0.01) [8] - At 360 days, pain scores for iovera° patients were 3.0 compared to 6.1 for RFA patients (p=0.01) [8] - Functional disability, measured by the Oswestry Disability Index (ODI), showed iovera° patients scoring 10.1 at 360 days versus 20.6 for RFA patients (p=0.002) [8] - Fewer iovera° patients required additional spine injections after 180 days, with 45.5% needing further treatment compared to 75% of RFA patients [8] - No treatment-related adverse events were reported in either group during the 12-month follow-up [8] Treatment Mechanism - The iovera° system utilizes cryoneurolysis, applying focused cold therapy to targeted nerves to interrupt pain signal transmission [2][8] - Pain relief is typically immediate and can last up to 90 days as the nerve regenerates [2][9] Industry Context - Chronic low back pain is a leading cause of disability in the U.S. and contributes significantly to opioid use [3] - The need for alternative, tissue-sparing approaches like cryoneurolysis is underscored by the potential tissue damage associated with RFA [3] - The FDA recently cleared a new SmartTip for iovera° to allow deeper nerve access for lumbar applications, supporting ongoing clinical evidence expansion [6]

Core Insights - PharmaCorp RX Inc. reported strong operational momentum and financial performance for Q3 2025, driven by increased revenues, improved margins, and better operating efficiencies [2][4] - The company completed acquisitions of three pharmacies, enhancing its national presence and supporting its coast-to-coast ambitions [2][6][7] - Same-store sales increased by 9.4% year-over-year, and total prescription volumes rose by 7.2% compared to Q3 2024, indicating sustained growth in patient engagement [9] Financial Highlights - The reported net loss for the quarter reflects investments in corporate infrastructure and one-time legal fees related to obtaining a credit facility [5][9] - The company raised approximately C$23.0 million through a bought deal public offering, selling 54,855,000 units at C$0.42 per unit [8] - Solid pharmacy-level contribution margins and a disciplined approach to EBITDA multiples across acquisitions support PharmaCorp's long-term growth model [9] Operational Update - Key investments were made in systems, personnel, and integration processes to facilitate scalable national growth [5] - The company operates seven PharmaChoice Canada bannered pharmacies and aims to acquire more pharmacies, rebranding them under the PharmaChoice Canada platform [12]

Executive Transition - PharmaCorp RX Inc. announced the appointment of Paul Dale as President and Chief Operating Officer effective December 1, 2025, as Calvin LeRoux transitions to a one-year role as Strategic Advisor to the CEO [1][2] - Paul Dale has been with PharmaCorp since its inception as Chief Operating Officer and will now take on broader leadership responsibilities to support the company's national expansion strategy [2] - Calvin LeRoux will assist in the transition and continue to provide guidance on strategic initiatives and matters related to PharmaChoice Canada in his new advisory role [2] New Appointment - Sophia Sigler will join PharmaCorp as Director of Business Development effective December 1, 2025, leading business development initiatives, including sourcing acquisition opportunities and managing the transaction pipeline [2] Company Overview - PharmaCorp is a Canadian pharmacy acquisition and ownership platform focused on empowering pharmacists as equity partners and supporting succession for retiring pharmacy owners [3] - The company operates seven PharmaChoice Canada bannered pharmacies and aims to acquire both bannered and independent pharmacies across Canada, rebranding non-bannered locations under the PharmaChoice Canada platform [3]

Core Viewpoint - Pacira BioSciences, Inc. has filed a patent infringement lawsuit against The WhiteOak Group, Inc. and Qilu Pharmaceutical (Hainan) Co., Ltd. regarding EXPAREL, aiming to protect its intellectual property rights and prevent the sale of generic versions of its product [1][2]. Company Overview - Pacira BioSciences is focused on delivering innovative, non-opioid pain therapies, with three commercial-stage products: EXPAREL, ZILRETTA, and iovera° [5]. - EXPAREL is a long-acting local analgesic approved for various postsurgical pain management applications, significantly reducing opioid consumption by up to 78% [6]. Legal Action - The lawsuit seeks an injunction to halt the manufacture, use, and sale of generic products linked to the ANDAs filed with the FDA, triggering a 30-month stay on final FDA approval [2]. - Pacira's EXPAREL is protected by 21 patents, with expiration dates ranging from January 22, 2041, to July 2, 2044 [3][4]. Patent Strength - The company expresses confidence in the strength of its patent portfolio and plans to vigorously defend its intellectual property rights against the generic manufacturers [4].

Summary of Pacira BioSciences Conference Call Company Overview - **Company**: Pacira BioSciences (NasdaqGS:PCRX) - **Focus**: Musculoskeletal pain management - **Products**: - Exparel: Flagship nerve block product - Zilretta: Long-acting steroid for osteoarthritis - Iovera: Medical device using cryoneurolysis for pain relief - **Future Goals**: 5x30 initiative aiming for significant growth and development by 2030 [1][2] Financial Performance - **Revenue Projection**: Expected to be around $750 million for the year, with Exparel contributing over $500 million [4] - **EBITDA**: Anticipated to be around $200 million [4] - **Growth Drivers**: Exparel is the main growth driver, with ongoing investments in commercial medical market access [3][5] Exparel Growth Dynamics - **Reimbursement Catalyst**: Introduction of "no pain" reimbursement for Medicare patients, allowing separate reimbursement for Exparel [6] - **Volume Growth**: Year-over-year volume increases of 3%, 6%, and 9% in the first three quarters, respectively [7] - **Adoption Challenges**: Larger institutions are slower to adopt due to organizational complexities [12][13] Market Access and Sales Strategy - **GPO Contracts**: Over 80% of business contracted under Group Purchasing Organizations (GPOs) [10] - **Sales Force Structure**: Dedicated sales forces for Exparel, Zilretta, and Iovera to enhance focus and efficiency [17][18] - **Education Efforts**: Increased focus on educating payers and healthcare professionals about the benefits of Exparel [16] Pipeline and Future Products - **PCRX-201**: A gene therapy targeting osteoarthritis of the knee, with a completed Phase I program and a recently enrolled Phase 2A program [29][30] - **Market Potential**: Positioned as a gene therapy for the masses, with a focus on local administration and improved safety profiles [29][31] - **Phase 2 Program**: Aiming for transformative pain relief extending beyond the current standard of care [32] Manufacturing and Margins - **Manufacturing Improvements**: Transition to a 200-liter process has improved production reliability and reduced waste, leading to enhanced gross margins [26][27] - **Margin Guidance**: Expected to achieve at least a five-point margin improvement over five years [27] International Expansion - **Global Market Opportunities**: Plans to explore markets outside the U.S. without the need for additional clinical studies [24] Conclusion - **Outlook**: Anticipated continued growth driven by Exparel, Zilretta, and Iovera, alongside new product developments and strategic partnerships [21][23]

Core Points - PharmaCorp Rx Inc. has received approval from the TSX Venture Exchange for the supplemental listing of 27,427,500 common share purchase warrants, expected to trade under the symbol PCRX.WT starting November 17, 2025 [1][2] - The Offering closed on November 12, 2025, with a total of 54,855,000 Units issued, each consisting of one common share and one-half of a common share purchase warrant, with an exercise price of $0.50 per Warrant Share [2] Company Overview - PharmaCorp is a Canadian pharmacy acquisition and ownership platform focused on empowering pharmacists as equity partners and supporting succession for retiring pharmacy owners [4] - The company operates seven PharmaChoice Canada bannered pharmacies and aims to acquire both bannered and independent pharmacies across Canada, rebranding non-bannered locations under the PharmaChoice Canada platform [4]

Core Points - PharmaCorp Rx Inc. has successfully closed a bought deal public offering, raising approximately C$23.0 million through the sale of 54,855,000 units at C$0.42 per unit, including the full exercise of the over-allotment option [1][2] - Each unit consists of one common share and one-half of a common share purchase warrant, with the warrants allowing the purchase of additional shares at C$0.50 until November 12, 2027 [2] - The net proceeds from the offering will be allocated for future acquisition opportunities and general working capital [3] Offering Details - Directors and officers of the company participated in the offering, acquiring a total of 3,762,010 units, which is classified as a related party transaction [4] - The underwriters received a cash commission of 6.0% of the gross proceeds, totaling C$1,134,633, and were issued 2,026,130 broker warrants [5] - The offering was conducted under a prospectus supplement dated November 7, 2025, linked to the company's base shelf prospectus filed with Canadian securities authorities [6] Company Overview - PharmaCorp is a Canadian pharmacy acquisition platform focused on empowering pharmacists as equity partners and supporting succession for retiring pharmacy owners [7] - The company operates seven pharmacies under the PharmaChoice Canada banner and aims to expand its network by acquiring both bannered and independent pharmacies [7] - PharmaCorp actively seeks discussions with pharmacy owners considering succession or sale, emphasizing a commitment to seamless transitions [8][9]

Core Viewpoint - DOMA Perpetual Capital Management LLC, a significant stockholder of Pacira BioSciences, Inc., is urging the Board to hire bankers and initiate a full sale process for the company due to perceived management underperformance and financial mismanagement [1][2][4]. Financial Performance and Management Concerns - Pacira's management has been criticized for excessive spending, with stock-based compensation projected to be approximately 6% of the company's market capitalization for 2025, exceeding the firm's entire operating income [2][6]. - Year-to-date sales of Zilretta have declined by 2% year over year through Q3, indicating poor business performance [3]. - Revenue growth has been modest at 3% year over year, while expenditures have surged, with R&D costs increasing by 36% and SG&A by 25% year over year [6]. Valuation and Sale Potential - A potential sale could yield a valuation of around $2.7 billion, translating to approximately $66 per share, which is three times the current stock price and represents a reasonable acquisition valuation [4][5]. - The cash flows from Pacira's assets, particularly Exparel, could exceed $10 billion through patent expiration, suggesting significant value under a larger owner [4]. Strategic Recommendations - The company should immediately pursue a sale process, with a target completion date before the end of Q1 2026 [7]. - Cost-cutting strategies must be implemented to enhance shareholder returns, and all new development programs should be put on hold until a sale is explored [12]. - Free cash flow should be prioritized for share buybacks, with a recommendation for a new $300 million buyback program following the completion of the current one [12]. Shareholder Relations and Governance - The Board's actions have been perceived as neglecting shareholder interests, with ongoing dilution of shareholder value through unapproved share issuances [10][11]. - DOMA has been in communication with the Board for over a year, advocating for a shareholder-friendly capital allocation framework, which has only recently begun to materialize [9].