Pacira BioSciences, Inc. Announces Proposed Offering of $300.0 Million Aggregate Principal Amount of Convertible Senior Notes

Pacira BioSciences, Inc. Announces Proposed Offering of

$300.0 Million Aggregate Principal Amount of Convertible Senior Notes

PARSIPPANY, N.J., July 06, 2020 (GLOBE NEWSWIRE) -- Pacira

BioSciences, Inc. (Nasdaq: PCRX) today announced that it intends to offer, subject to market and other conditions, $300.0 million

aggregate principal amount of convertible senior notes due 2025 (the "notes") in a private placement to qualified

institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). Pacira

also intends to grant the initial purchasers of the notes a 30-day option to purchase up to an additional $45.0 million aggregate

principal amount of notes.

The terms of the notes, including the interest rate, initial

conversion rate and other terms, will be determined by negotiations between Pacira and the initial purchasers of the notes.

Pacira intends to use a portion of the net proceeds from the

offering to repurchase a portion of its outstanding 2.375% Convertible Senior Notes due 2022 (the "2022 Notes") concurrently

with the pricing of the offering in privately negotiated transactions effected through one of the initial purchasers of the notes

or its affiliate, as Pacira's agent. Pacira intends to use the remainder of the net proceeds from the offering for general

corporate purposes, including working capital, research and development expenditures and the license or acquisition of complementary

products and/or technologies.

Holders of the 2022 Notes that are repurchased in the concurrent

repurchases described above may purchase shares of Pacira's common stock in the open market to unwind any hedge positions

they may have with respect to the 2022 Notes. These activities may affect the trading price of Pacira common stock and, if conducted

concurrently with this offering, may result in a higher initial conversion price for the notes Pacira is offering.

This offering is being made to qualified institutional buyers

pursuant to Rule 144A under the Securities Act. The offer and sale of the notes and the shares of Pacira common stock, if any,

issuable upon conversion of the notes have not been and will not be registered under the Securities Act or any state securities

laws, and, unless so registered, the notes and such shares may not be offered or sold in the United States or to U.S. persons

except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act

and applicable state securities laws.

This press release does not constitute an offer to sell or

the solicitation of an offer to buy any securities, nor shall it constitute an offer, or the solicitation of any sale, of any

securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

About Pacira BioSciences

Pacira BioSciences, Inc. (Nasdaq: PCRX) is a leading provider

of non-opioid pain management and regenerative health solutions dedicated to advancing and improving outcomes for health care

practitioners and their patients. The company's long-acting local analgesic, EXPAREL (bupivacaine liposome injectable

suspension) was commercially launched in the United States in April 2012. EXPAREL utilizes DepoFoam , a unique and proprietary

product delivery technology that encapsulates drugs without altering their molecular structure, and releases them over a desired

period of time. In April 2019, Pacira acquired the iovera system, a handheld cryoanalgesia device used to deliver precise,

controlled doses of cold temperature only to targeted nerves. To learn more about Pacira, including the corporate mission to reduce

overreliance on opioids, visit www.pacira.com.

Forward-Looking Statements

Certain of the statements made in this press release, such

as those, among others, relating to our expectations regarding the completion of the proposed offering, and other statements containing

the words "believes," "anticipates," "plans," "estimates," "expects,"

"intends," "may" and similar expressions, constitute forward-looking statements. Actual results or developments

may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference

include, without limitation, risks and uncertainties related to whether or not we will be able to raise capital through the proposed

offering, the final terms of the proposed offering, market and other conditions, the satisfaction of customary closing conditions

related to the proposed offering and the impact of general economic, industry or political conditions in the United States or

internationally. There can be no assurance that we will be able to complete the proposed offering on the anticipated terms, or

at all. Additional risks and uncertainties relating to the proposed offering, Pacira and our business are discussed in the "Risk

Factors" section of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and in other

filings that we periodically make with the SEC. In addition, the forward- looking statements included in this press release represent

our views as of the date of this press release. Important factors could cause our actual results to differ materially from those

indicated or implied by forward-looking statements, and, as such, we anticipate that subsequent events and developments will cause

our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically

disclaim any obligation to do so, except as may be required by law. These forward-looking statements should not be relied upon

as representing our views as of any date subsequent to the date of this press release.

Susan Mesco, (973) 451-4030

Coyne Public Relations Alyssa Schneider, (973) 588-2270

Source: Pacira BioSciences