Pacira Pharmaceuticals, which is developing a non-opioid postsurgical analgesic pending FDA approval, lowered the proposed deal size for its upcoming IPO on Wednesday. The Parsippany, NJ-based company now plans to raise $42 million by offering 6 million shares at an estimated IPO price of $7 per share. The company had previously filed to offer 4.25 million shares at a range of $14 to $16. Under the newly modified terms, Pacira Pharmaceuticals will raise -34% fewer proceeds than previously anticipated. Pacira Pharmaceuticals, which was founded in 2006 and booked $17 million in sales for the 12 months ended September 30, 2010, plans to list on the NASDAQ under the symbol PCRX. Barclays Capital and Piper Jaffray are the lead underwriters on the deal, which is expected to price tonight after the market close.
