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Pacira prices $300m senior notes offering

March 8, 2017 By Sarah Faulkner

Pacira prices $300m senior notes offeringPacira Pharmaceuticals (NSDQ:PCRX) said today that it priced $300 million of convertible 2.375% senior notes due 2022 in a private placement to qualified institutional buyers.

The Parsippany, N.J.-based company also gave purchasers a 30-day option to buy an additional $45 million aggregate principal amount of notes.

The company expects to bring in about $290 million in net proceeds from the offering. Pacira said it plans to use a portion of the proceeds to exchange $112 million of its existing 3.25% convertible senior notes due 2019 for a combination of cash and shares of Pacira common stock. The remaining proceeds will be used for general corporate purposes, including research and development, according to Pacira.

In November last year, Touch Surgery and Pacira launched the Exparel knee training simulation for the Touch Surgery app, designed to provide clinicians with a virtual training experience for administering the bupivacaine liposome injectable suspension in total knee arthroplasty.

The simulation includes a 3D environment where clinical decisions and viewpoints are all dictated by the user and simulates the total knee arthroplasty surgical environment. The goal of the training is to teach the user how to properly mix and inject Exparel into the surgical site. Users can manipulate the angle of the needle, the site of the injection and the amount of fluid ejected at the site.

Pacira’s Exparel is a long-acting, local analgesic used to manage post-surgical pain and was commercially launched in the U.S. in April 2012. The company suggested that Exparel can help reduce patients’ post-surgical pain and opioid requirements. Pacira also markets DepoFoam, a product delivery technology that encapsulates drugs without altering their molecular structure for targeted and sustained release.

Filed Under: Featured, Funding Roundup, Pain Management, Pharmaceuticals, Wall Street Beat Tagged With: Pacira Pharmaceuticals

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