Pacira BioSciences, Inc. recently announced significant organizational changes, including the decommissioning of its 45-liter facility, which has been in operation since 2014. This decision was driven by the successful implementation of the company's enhanced, large-scale 200-liter manufacturing process in both San Diego and Swindon, which has allowed the company to maintain optimal inventory levels to meet the growing demand for EXPAREL.
As a result of the decommissioning of the 45-liter facility, approximately 70 employees from the Technical Operations team have been affected by a reduction in workforce. Despite the difficult decision, the company expressed gratitude for the significant contributions made by the departing employees, acknowledging their tireless dedication to manufacturing EXPAREL and their overall commitment to Pacira.
It's notable that the company has consistently delivered EXPAREL to more than 16 million patients, a testament to the efforts of the departing employees and the entire team. The leadership team has assured that those impacted by the organizational changes will be treated with the utmost dignity and respect.
The announcement also underscores the company's unwavering commitment to all its employees, both those affected by the changes and those who will continue to ensure the delivery of EXPAREL, iovera°, and ZILRETTA to patients in the coming years.
The press release also mentions that Frank D. Lee, on behalf of the company, will be present at the Science Center Campus along with other members of the leadership team to address concerns and provide clarity. The communication emphasizes the challenging nature of the news and expresses gratitude to all employees for their continued dedication to the company's mission and patients. The market has reacted to these announcements by moving the company's shares 1.64% to a price of $23.55. If you want to know more, read the company's complete 8-K report here.
