TakeoverPE & activists

PCRXPacira BioSciences, Inc.

Pharmaceutical Preparations · $1.4B market cap · 829 employees

1.6×

More likely than average to be taken private

Top 9% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

4of 15 firedHow well they predict deals →
11 other checks
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    22× net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    8% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    98% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    2% of assets
    Over 40% of assets
  • Low revenue per employeeNo
    $876K · 69th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    1.2 per 10K words · 39th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    1.4× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    4 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Net insider sellingNo
    −$3M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Oct 30, 2026SC TO-TViatris Inc.——
Oct 8, 20268-KViatris Inc.——

Key numbers

Revenue
$726MFY2021: $542MFY2022: $667MFY2023: $675MFY2024: $701MFY2025: $726M
3.6% YoY
Operating margin
2.6%FY2021: 16.6%FY2022: 9.0%FY2023: 13.0%FY2024: -10.5%FY2025: 2.6%
125% YoY
EBITDA
$110MFY2021: $118MFY2022: $152MFY2023: $163MFY2024: $5MFY2025: $110M
1936% YoY
Net debt / EBITDA
1.4×
$157M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$542M$667M$675M$701M$726M 3.6% FY2021: $542MFY2022: $667MFY2023: $675MFY2024: $701MFY2025: $726M
Operating income$90M$60M$88M−$73M$19M 126% FY2021: $90MFY2022: $60MFY2023: $88MFY2024: −$73MFY2025: $19M
Net income$42M$16M$42M−$100M$7M 107% FY2021: $42MFY2022: $16MFY2023: $42MFY2024: −$100MFY2025: $7M
Operating cash flow$126M$145M$155M$189M$152M 20% FY2021: $126MFY2022: $145MFY2023: $155MFY2024: $189MFY2025: $152M
Capex$46M$30M$15M$11M$15M 44% FY2021: $46MFY2022: $30MFY2023: $15MFY2024: $11MFY2025: $15M
Stock-based comp$42M$48M$48M$51M$58M 12% FY2021: $42MFY2022: $48MFY2023: $48MFY2024: $51MFY2025: $58M
Buybacks—$0$0$25M$148M 493% FY2022: $0FY2023: $0FY2024: $25MFY2025: $148M

13D filers

FiledFilerFormStakeIntent
Oct 13, 2026Doma Perpetual Capital Management LLCSCHEDULE 13D/A0.0%Active
Mar 12, 2026Doma Perpetual Capital Management LLCSCHEDULE 13D/A6.9%Active
Jan 2, 2026Doma Perpetual Capital Management LLCSCHEDULE 13D/A26.7%Active
Nov 10, 2025Doma Perpetual Capital Management LLCSCHEDULE 13D/A6.8%Active
Aug 8, 2025Doma Perpetual Capital Management LLCSCHEDULE 13D5.7%Active
Sep 6, 2019Consonance Capital Management LPSC 13D/A4.9%Passive
Aug 5, 2019Consonance Capital Management LPSC 13D/A5.7%Passive
Jul 10, 2019Consonance Capital Management LPSC 13D/A6.8%Passive
Jun 5, 2019Consonance Capital Management LPSC 13D/A7.8%Passive

Insider trading

−$3Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $3M · 17 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025——43107
FY2024——3182
FY2023——5680
FY2022——6579
FY2021——10189