Pacira subpoenaed by US Department of Justice
USA-based Pacira Pharmaceuticals (Nasdaq: PCRX) saw its shares fall 6.8% to $86.11, after it revealed that it has received a subpoena from the US Department of Justice, US Attorney’s Office for the District of New Jersey.
The subpoena requires the production of a broad range of documents pertaining to marketing and promotional practices related to Pacira’s flagship product Exparel (bupivacaine liposome injectable suspension). Pacira intends to cooperate with the government’s investigation.
Exparel was initially approved by the Food and drug Administration in 2011 for single-dose infiltration to the surgical site for postsurgical analgesia, and generated $188.5 million in revenue in 2014, some 955 of the company’s revenues.
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