Pacira down on US approval for generic version of its pain management drug

Pacira BioSciences

03/07/2024 13:16

** Shares of Pacira BioSciences  PCRX.O  fall ~1% to $22.50
premarket
    ** U.S. FDA approved a generic version of PCRX's non-opioid
pain management drug Exparel on Tuesday, sending shares of the
company down 20% at market close
    ** The FDA's website shows the approval was given to Jiangsu
Hengrui Pharma's application for bupivacaine liposome
    ** Brokerage Truist Securities says the approval is in line
with its expectations, adding that the market reaction is
overdone as it sees a limited path for the generic to launch
despite approval
    ** Up to last close, stock down 32.6% YTD

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))