0001396814-22-000033 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-35060
Entity Registrant Name	PACIRA BIOSCIENCES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0619477
Entity Address, Address Line One	5401 West Kennedy Boulevard, Suite 890
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33609
City Area Code	813
Local Phone Number	553-6680
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PCRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,436,752
Entity Central Index Key	0001396814
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 226,751	$ 585,578
Short-term available-for-sale investments	225,443	70,831
Accounts receivable, net	92,103	96,318
Inventories, net	103,662	98,550
Prepaid expenses and other current assets	19,059	14,771
Total current assets	667,018	866,048
Fixed assets, net	189,767	188,401
Right-of-use assets, net	74,271	76,410
Goodwill	145,722	145,175
Intangible assets, net	609,646	623,968
Deferred tax assets	169,282	153,364
Investments and other assets	35,770	21,987
Total assets	1,891,476	2,075,353
Current liabilities:
Accounts payable	14,843	10,543
Accrued expenses	87,669	127,555
Lease liabilities	8,018	7,891
Convertible senior notes, net	160,000	350,466
Current portion of long-term debt, net	33,680	24,234
Income taxes payable	863	429
Total current liabilities	305,073	521,118
Convertible senior notes, net	402,915	339,267
Long-term debt, net	326,828	335,263
Lease liabilities	69,710	71,727
Deferred revenue	10,125	10,125
Contingent consideration	56,527	57,598
Other liabilities	10,722	9,847
Total liabilities	1,181,900	1,344,945
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, par value $0.001; 5,000,000 shares authorized; none issued and outstanding at March 31, 2022 and December 31, 2021	0	0
Common stock, par value $0.001; 250,000,000 shares authorized; 45,064,459 and 44,734,308 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	45	45
Additional paid-in capital	867,890	942,091
Accumulated deficit	(157,832)	(211,895)
Accumulated other comprehensive income (loss)	(527)	167
Total stockholders’ equity	709,576	730,408
Total liabilities and stockholders’ equity	$ 1,891,476	$ 2,075,353

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	45,064,459	44,734,308
Common stock, shares outstanding (in shares)	45,064,459	44,734,308

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Total net product sales	$ 157,991	$ 119,027
Operating expenses:
Cost of goods sold	36,074	31,349
Research and development	21,605	15,879
Selling, general and administrative	64,260	48,522
Amortization of acquired intangible assets	14,322	1,967
Acquisition-related charges, product discontinuation and other	4,337	1,873
Total operating expenses	140,598	99,590
Income from operations	17,393	19,437
Other (expense) income:
Interest income	271	415
Interest expense	(10,246)	(6,971)
Other, net	(124)	(157)
Total other expense, net	(10,099)	(6,713)
Income before income taxes	7,294	12,724
Income tax expense	(466)	(2,355)
Net income	$ 6,828	$ 10,369
Net income per share:
Basic net income per common share (in USD per share)	$ 0.15	$ 0.24
Diluted net income per common share (in USD per share)	$ 0.15	$ 0.23
Weighted average common shares outstanding:
Basic (in shares)	44,869	43,833
Diluted (in shares)	46,438	45,966
Net product sales
Revenues:
Total net product sales	$ 157,422	$ 118,738
Royalty revenue
Revenues:
Total net product sales	$ 569	$ 289

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 6,828	$ 10,369
Other comprehensive income (loss):
Net unrealized loss on investments, net of tax	(733)	(150)
Foreign currency translation adjustments	39	4
Total other comprehensive loss	(694)	(146)
Comprehensive income	$ 6,134	$ 10,223

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2020			43,637,000
Balance at beginning of period at Dec. 31, 2020	$ 619,688		$ 44	$ 873,201		$ (253,875)		$ 318
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)			317,000
Exercise of stock options	10,797		$ 0	10,797
Vested restricted stock units (in shares)			4,000
Stock-based compensation	10,110			10,110
Other comprehensive loss (Note 11)	(146)							(146)
Net income	10,369					10,369
Ending balance (in shares) at Mar. 31, 2021			43,958,000
Balance at end of period at Mar. 31, 2021	650,818		$ 44	894,108		(243,506)		172
Beginning balance (in shares) at Dec. 31, 2021			44,734,000
Balance at beginning of period at Dec. 31, 2021	$ 730,408	$ (49,233)	$ 45	942,091	$ (96,468)	(211,895)	$ 47,235	167
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)	323,201		323,000
Exercise of stock options	$ 11,078			11,078
Vested restricted stock units (in shares)			7,000
Stock-based compensation	11,189			11,189
Other comprehensive loss (Note 11)	(694)							(694)
Net income	6,828					6,828
Ending balance (in shares) at Mar. 31, 2022			45,064,000
Balance at end of period at Mar. 31, 2022	$ 709,576		$ 45	$ 867,890		$ (157,832)		$ (527)
Increase (Decrease) in Stockholders' Equity
Reclassification of the equity components of convertible senior notes to liability upon adoption of Accounting Standards Update 2020-06 (Note 2)	Accounting Standards Update 2020-06 Retrospective [Member]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities:
Net income	$ 6,828	$ 10,369
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred taxes	29	1,746
Depreciation of fixed assets and amortization of intangible assets	20,033	4,851
Amortization of debt issuance costs	1,179	651
Amortization of debt discount	706	5,657
Loss (gain) on disposal of fixed assets	9	(11)
Stock-based compensation	11,189	10,110
Changes in contingent consideration	(1,071)	(1,127)
Loss on investment	18	155
Changes in operating assets and liabilities:
Accounts receivable, net	4,215	462
Inventories, net	(5,112)	43
Prepaid expenses and other assets	(4,260)	254
Accounts payable	6,105	(1,351)
Accrued expenses and income taxes payable	(9,161)	(18,027)
Other liabilities	70	(1,701)
Net cash provided by operating activities	30,777	12,081
Investing activities:
Purchases of fixed assets	(7,668)	(13,073)
Purchases of available-for-sale investments	(155,601)	(186,653)
Sales of available-for-sale investments	0	145,282
Payment of contingent consideration	(32,000)	0
Purchases of equity and debt investments	(12,750)	(1,220)
Net cash used in investing activities	(208,019)	(55,664)
Financing activities:
Proceeds from exercises of stock options	11,024	10,325
Repayment of 2024 convertible senior notes	(192,609)	0
Net cash provided by (used in) financing activities	(181,585)	10,325
Net decrease in cash and cash equivalents	(358,827)	(33,258)
Cash and cash equivalents, beginning of period	585,578	99,957
Cash and cash equivalents, end of period	226,751	66,699
Supplemental cash flow information:
Cash paid for interest	9,967	1,686
Cash paid for income taxes, net of refunds	9	1
Non-cash investing and financing activities:
Fixed assets included in accounts payable and accrued liabilities	$ 6,244	$ 7,033

DESCRIPTION OF BUSINESS	3 Months Ended
DESCRIPTION OF BUSINESS	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Pacira BioSciences, Inc. and its subsidiaries (collectively, the “Company” or “Pacira”) is the industry leader in its commitment to non-opioid pain management and providing a non-opioid option to as many patients as possible to redefine the role of opioids as rescue therapy only. The Company’s long-acting, local analgesic, EXPAREL® (bupivacaine liposome injectable suspension), was commercially launched in the United States, or U.S., in April 2012 and approved in select European countries and the United Kingdom, or U.K. in November 2021. EXPAREL utilizes the Company’s proprietary multivesicular liposome drug delivery technology that encapsulates drugs without altering their molecular structure, and releases them over a desired period of time. In November 2021, the Company acquired Flexion Therapeutics, Inc., or Flexion, and added ZILRETTA® (triamcinolone acetonide extended-release injectable suspension) to its product portfolio. ZILRETTA is the first and only extended-release, intra-articular (meaning in the joint) injection indicated for the management of osteoarthritis, or OA, knee pain. For more information, see Note 4, Flexion Acquisition. In April 2019, the Company added iovera°® to its commercial offering with the acquisition of MyoScience, Inc., or MyoScience (the “MyoScience Acquisition”). The iovera° system is a handheld cryoanalgesia device used to deliver a precise, controlled application of cold temperature to only targeted nerves. Pacira is subject to risks common to companies in similar industries and stages, including, but not limited to, competition from larger companies, reliance on revenue from three products, reliance on a limited number of wholesalers, reliance on a limited number of manufacturing sites, new technological innovations, dependence on key personnel, reliance on third-party service providers and sole source suppliers, protection of proprietary technology, compliance with government regulations and risks related to cybersecurity. The Company is managed and operated as a single business focused on the development, manufacture, marketing, distribution and sale of non-opioid pain management and regenerative health solutions. The Company is managed by a single management team, and consistent with its organizational structure, the Chief Executive Officer and Chairman manages and allocates resources at a consolidated level. Accordingly, the Company views its business as one reportable segment to evaluate performance, allocate resources, set operational targets and forecast its future financial results. Coronavirus (COVID-19) Pandemic Since early 2020, the Company’s revenues have been impacted by the global pandemic caused by a novel strain of coronavirus (COVID-19) and pandemic-related challenges that included the significant postponement or suspension in the scheduling of elective surgical procedures due to public health guidance and government directives. While the degree of impact has diminished during the course of the pandemic due to the introduction of vaccines and therapeutics, as well as the lessening of elective surgery restrictions, certain pandemic-related operational and staffing challenges persist. For instance, while many restrictions have since eased with COVID-19 vaccines now widely available, the elective surgery market faced additional pandemic-related challenges in August and September 2021 due to regional surges in COVID-19 variant cases, staffing shortages and fatigue from care teams addressing significant procedure backlogs, and in December 2021, the COVID-19 Omicron variant prompted some government restrictions on elective surgical procedures and created surgical staffing challenges, both of which began to ease in January 2022. The Company’s manufacturing sites are operational and have safety protocols and guidelines as recommended by federal, state and local governments. Indirect effects of the pandemic may include longer lead-times for or the inability to secure a sufficient supply of materials due to the prioritization by certain suppliers for COVID-19 vaccine manufacturing. The situation remains dynamic and subject to rapid and possibly material changes. Additional negative impacts may also arise from the COVID-19 pandemic that the Company is unable to foresee. The nature and extent of such impacts will depend on future developments, which are highly uncertain and cannot be predicted.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

These interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP, and in accordance with the rules and regulations of the United States Securities and Exchange Commission (SEC), for interim reporting. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in complete annual financial statements have been condensed or omitted. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

The condensed consolidated financial statements at March 31, 2022, and for the three-month periods ended March 31, 2022 and 2021, are unaudited, but include all adjustments (consisting of only normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial information set forth herein in accordance with GAAP. The condensed consolidated balance sheet at December 31, 2021 is derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The condensed consolidated financial statements as presented reflect certain reclassifications from previously issued financial statements to conform to the current year presentation. The accounts of wholly-owned subsidiaries are included in the condensed consolidated financial statements. Intercompany accounts and transactions have been eliminated in consolidation.

The results of operations for these interim periods are not necessarily indicative of results that may be expected for any other interim periods or for the full year.

Concentration of Major Customers

The Company sells EXPAREL through a drop-ship program under which orders are processed through wholesalers (including AmerisourceBergen Health Corporation, Cardinal Health, Inc. and McKesson Drug Company), but shipments of the product are sent directly to individual accounts, such as hospitals, ambulatory surgery centers and individual doctors. The Company also sells EXPAREL directly to ambulatory surgery centers and physicians. The Company sells ZILRETTA primarily to specialty distributors and a specialty pharmacy, who then subsequently resell ZILRETTA to physicians, clinics and certain medical centers or hospitals. The Company also contracts directly with healthcare providers and intermediaries such as Group Purchasing Organizations, or GPOs. The Company sells iovera° directly to end users and its bupivacaine liposome injectable suspension for veterinary use to a third-party licensee in the U.S.

The table below includes the percentage of revenues comprised by the Company’s three largest wholesalers in each period presented:


	Three Months Ended March 31,
		2022	2021
Largest wholesaler		31%	32%
Second largest wholesaler		23%	29%
Third largest wholesaler		22%	27%
Total		76%	88%

The percentage of revenues from the Company’s three largest wholesalers have shifted in the current year with the integration of ZILRETTA sales in 2022.

Recently Adopted Accounting Pronouncements

In August 2020, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40), which limits the number of convertible instruments that require separate accounting to (i) those with embedded conversion features that are not clearly and closely related to the debt, that meet the definition of a derivative and that do not qualify for the scope exception from derivative accounting and (ii) convertible debt instruments issued with substantial premiums for which the premiums were recorded as paid in capital. In addition, the new guidance requires diluted earnings per share calculations be prepared using the if-converted method instead of the treasury stock method. The Company elected to adopt the new guidance using a modified retrospective method of transition, which applied to transactions outstanding at January 1, 2022. As a result, the Company does not separately present in equity an embedded conversion feature for its convertible debt. Instead, the Company accounts for its convertible debt instruments wholly as debt. In addition, the Company did not record interest expense on the previously recorded discount on its convertible debt. The impact on the condensed consolidated balance sheet at January 1, 2022 increased net debt by approximately $64.9 million, reduced accumulated deficit by $47.2 million, reduced additional paid-in capital by $96.5 million and decreased deferred tax liabilities by $15.7 million.

REVENUE

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

REVENUE

Revenue from Contracts with Customers

The Company’s net product sales consist of (i) EXPAREL in the U.S., the European Union, or E.U., and the U.K.; (ii) ZILRETTA in the U.S.; (iii) iovera° in the U.S., Canada and the E.U. and (iv) sales of, and royalties on, its bupivacaine liposome injectable suspension for veterinary use. Royalty revenues are from the Company’s collaborative licensing agreements. The Company does not consider revenue from sources other than sales of EXPAREL and ZILRETTA to be material sources of its consolidated revenue. As such, the following disclosure only relates to revenue associated with net EXPAREL and ZILRETTA product sales.

Net Product Sales

The Company sells EXPAREL through a drop-ship program under which orders are processed through wholesalers based on orders of the product placed by end-users, namely hospitals, ambulatory surgery centers and healthcare provider offices. EXPAREL is delivered directly to the end-user without the wholesaler ever taking physical possession of the product. The Company primarily sells ZILRETTA to specialty distributors and a specialty pharmacy, who then subsequently resell ZILRETTA to physicians, clinics and certain medical centers or hospitals. The Company also contracts directly with healthcare providers and intermediaries such as GPOs. Product revenue is recognized when control of the promised goods are transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for transferring those goods. EXPAREL and ZILRETTA revenue is recorded at the time the product is transferred to the customer.

Revenues from sales of products are recorded net of returns allowances, prompt payment discounts, service fees, government rebates, volume rebates and chargebacks. These reserves are based on estimates of the amounts earned or to be claimed on the related sales. These amounts are treated as variable consideration, estimated and recognized as a reduction of the transaction price at the time of the sale, using the most likely amount method, except for returns, which is based on the expected value method. The Company includes these estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transaction will not occur, or when the uncertainty associated with the variable consideration is resolved. The calculation of some of these items requires management to make estimates based on sales data, historical return data, contracts, statutory requirements and other related information that may become known in the future.

Accounts Receivable

The majority of accounts receivable arise from product sales and represent amounts due from wholesalers, hospitals, ambulatory surgery centers, specialty distributors, specialty pharmacy, Group Purchasing Organizations and doctors. Payment terms generally range from zero to 97 days from the date of the transaction, and accordingly, there is no significant financing component.

Performance Obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in Accounting Standards Codification, or ASC, 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.

At contract inception, the Company assesses the goods promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a good that is distinct. When identifying individual performance obligations, the Company considers all goods promised in the contract regardless of whether explicitly stated in the customer contract or implied by customary business practices. The Company’s contracts with customers require it to transfer an individual distinct product, which represents a single performance obligation. The Company’s performance obligation with respect to its product sales is satisfied at a point in time, which transfers control upon delivery of EXPAREL and ZILRETTA to its customers. The Company considers control to have transferred upon delivery because the customer has legal title to the asset, physical possession of the asset has been transferred, the customer has significant risks and rewards of ownership of the asset, and the Company has a present right to payment at that time.

Disaggregated Revenue

The following table represents disaggregated net product sales in the periods presented as follows (in thousands):


	Three Months Ended March 31,
		2022		2021
Net product sales:
EXPAREL		$	129,205	$	114,678
ZILRETTA		23,635		—
iovera°		3,026		3,268
Bupivacaine liposome injectable suspension		1,556		792
Total net product sales		$	157,422	$	118,738

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

FLEXION ACQUISITION

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

FLEXION ACQUISITION

On November 19, 2021, the Company acquired Flexion (the “Flexion Acquisition”), a biopharmaceutical company focused on the discovery, development, and commercialization of novel, local therapies for the treatment of patients with musculoskeletal conditions, beginning with osteoarthritis, the most common form of arthritis. Upon consummation of the Flexion Acquisition, Flexion became a wholly-owned subsidiary of the Company and was renamed Pacira Therapeutics, Inc.

The total consideration for the Flexion Acquisition was approximately $578.8 million consisting of: (i) $448.5 million of cash paid to former Flexion stockholders and to settle restricted stock units and in-the-money stock options; (ii) an $85.1 million cash payment to repay Flexion debt that was not assumed by the Company and (iii) $45.2 million of estimated contingent consideration related to contingent value rights, or CVRs, that were issued to Flexion shareholders and certain equity award holders in conjunction with the Flexion Acquisition. The consideration is subject to adjustments based on the achievement of certain potential milestone payments. Up to an additional $380.2 million in the aggregate may be payable to holders of the CVRs if each of the applicable milestones are achieved.

The Company is finalizing its valuation of intangible assets, liabilities and tax analyses, and anticipates finalizing the purchase price allocation as the information necessary to complete the analysis is obtained, but no later than one year after the acquisition date. The following table sets forth the preliminary allocation of the Flexion Acquisition purchase price to the estimated fair value of the net assets acquired at the acquisition date (in thousands):


	Amounts Recognized at the Acquisition Date (as previously reported) (a)		Measurement Period Adjustments (b)		Amounts Recognized at the Acquisition Date (as adjusted)
ASSETS ACQUIRED
Cash and cash equivalents	$	113,562	$	—	$	113,562
Short-term available-for-sale investments	11,153		—		11,153
Accounts receivable	32,838		—		32,838
Inventories	29,667		—		29,667
Prepaid expenses and other assets	4,852		—		4,852
Fixed assets	23,307		—		23,307
Deferred tax assets	58,015		—		58,015
Right-of-use assets	6,585		—		6,585
Identifiable intangible assets	480,000		—		480,000
In-process research and development (IPR&D)	61,000		—		61,000
Total assets	$	820,979	$	—	$	820,979

LIABILITIES ASSUMED
Accounts payable	$	9,794	$	—	$	9,794
Accrued expenses	22,746		547		23,293
Deferred revenue	10,000		—		10,000
Lease liabilities	6,585		—		6,585
Other liabilities	1,187		—		1,187
Long-term debt	201,450		—		201,450
Total liabilities	251,762		547		252,309
Total identifiable net assets acquired	569,217		(547)		568,670
Goodwill	9,628		547		10,175
Total consideration transferred	$	578,845	$	—	$	578,845

(a) As previously reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

(b) Represents pre-acquisition expenses that were paid by the Company in 2022.

Unaudited Pro Forma Summary of Operations

The following table shows the unaudited pro forma summary of operations for the three months ended March 31, 2021, as if the Flexion Acquisition had occurred on January 1, 2020. This pro forma information does not purport to represent what the Company’s actual results would have been if the Flexion Acquisition had occurred as of January 1, 2020, and is not indicative of what such results would be expected for any future period (in thousands, except per share amounts):


	Three Months Ended March 31, 2021

Total revenues	$	143,616
Net loss	$	(17,120)
Pro forma basic and diluted net loss per share	$	(0.39)

The unaudited pro forma financial information was prepared using the acquisition method of accounting and was based on the historical financial information of the Company and Flexion. The summary pro forma financial information primarily reflects the following pro forma adjustments:

•Recognition of the income tax benefit resulting from decreasing Flexion’s existing valuation allowance on deferred tax assets for the three months ended March 31, 2021;

•Removal of Flexion’s interest expense and associated deferred financing cost amortization related to the $85.1 million of debt not assumed;

•Adjustments to the Company’s interest income for the cash used to acquire Flexion;

•Additional cost of goods sold related to a step-up value in inventory;

•Additional amortization expense from the acquired developed technology intangible assets;

•Additional depreciation of Flexion’s fixed assets; and

•Additional lease expense on Flexion’s right-of-use, or ROU, assets.

In addition, all of the above adjustments were adjusted for the applicable tax impact.

INVENTORIES

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

INVENTORIES

The components of inventories, net are as follows (in thousands):


	March 31,		December 31,
	2022		2021
Raw materials	$	35,297	$	36,337
Work-in-process	33,995		35,182
Finished goods	34,370		27,031
Total	$	103,662	$	98,550

FIXED ASSETS

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

FIXED ASSETS

Fixed assets, net, summarized by major category, consist of the following (in thousands):


	March 31,		December 31,
	2022		2021
Machinery and equipment	$	117,167	$	117,264
Leasehold improvements	59,743		59,740
Computer equipment and software	13,207		13,197
Office furniture and equipment	2,914		2,883
Construction in progress	87,457		80,557
Total	280,488		273,641
Less: accumulated depreciation	(90,721)		(85,240)
Fixed assets, net	$	189,767	$	188,401

For the three months ended March 31, 2022 and 2021, depreciation expense was $5.7 million and $2.9 million, respectively. For the three months ended March 31, 2022 and 2021, there was $0.8 million and $1.0 million of capitalized interest on the construction of manufacturing sites, respectively.

At March 31, 2022 and December 31, 2021, total fixed assets, net includes leasehold improvements and manufacturing process equipment located in Europe in the amount of $62.8 million and $65.4 million, respectively.

As of March 31, 2022 and December 31, 2021, the Company had asset retirement obligations of $3.0 million and $2.4 million, respectively, included in accrued expenses and other liabilities on its condensed consolidated balance sheet, for costs associated with returning leased spaces to their original condition upon the termination of certain lease agreements.

LEASES

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

LEASES

The Company leases all of its facilities, including its EXPAREL manufacturing facility in San Diego, California and its iovera° manufacturing facility in Fremont, California. These leases have remaining terms up to 8.4 years, some of which provide renewal options at the then-current market value. The Company also has two embedded leases with Thermo Fisher Scientific Pharma Services for the use of their manufacturing facility in Swindon, England for the production of EXPAREL and ZILRETTA. A portion of the associated monthly base fees has been allocated to the lease components based on a relative fair value basis.

The operating lease costs for the facilities include lease and non-lease components, such as common area maintenance and other common operating expenses, along with executory costs such as insurance and real estate taxes. Total operating lease costs are as follows (in thousands):


	Three Months Ended
	March 31,
		2022		2021
Fixed lease costs		$	3,527	$	2,922
Variable lease costs		472		478
Total		$	3,999	$	3,400

Supplemental cash flow information related to operating leases is as follows (in thousands):


	Three Months Ended
	March 31,
	2022		2021
Cash paid for operating lease liabilities, net of lease incentive	$	3,279	$	4,600
ROU assets recorded in exchange for lease obligations	$	16	$	—

The Company has elected to net the amortization of the ROU asset and the reduction of the lease liability principal in other liabilities in the condensed consolidated statement of cash flows.

The Company has measured its operating lease liabilities at an estimated discount rate at which it could borrow on a collateralized basis over the remaining term for each operating lease. The weighted average remaining lease term and the weighted average discount rate are summarized as follows:


	March 31,
	2022		2021
Weighted average remaining lease term	7.55 years		8.95 years
Weighted average discount rate	6.95	%	6.89	%

Maturities of the Company’s operating lease liabilities are as follows (in thousands):


Year	Aggregate Minimum Payments Due
2022 (remaining nine months)	$	9,867
2023	13,304
2024	13,435
2025	12,575
2026	12,310
Thereafter	39,423
Total future lease payments	100,914
Less: imputed interest	(23,186)
Total operating lease liabilities	$	77,728

As of March 31, 2022, the Company has entered into one lease agreement not included above as the Company has not yet taken possession of the property. When the lease commences, the future lease obligations will be as follows (in thousands):


Year	Aggregate Minimum Payments Due
2022 (remaining nine months)	$	239
2023	410
2024	416
2025	419
2026	425
Thereafter	179
Total future lease payments	$	2,088

Additionally, in April 2022, the Company entered into an agreement to sublease the former Flexion research and development laboratory in Woburn, Massachusetts. As of March 31, 2022, the associated ROU asset is $0.4 million, in which future cash to be received under this sublease agreement is expected to exceed the ROU asset by $0.1 million.

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company’s goodwill results from the acquisition of Pacira Pharmaceuticals, Inc. (the Company’s California operating subsidiary) from SkyePharma Holding, Inc., or Skyepharma, (now a subsidiary of Vectura Group plc) in March 2007 (the “Skyepharma Acquisition”), MyoScience, Inc., or MyoScience, (the “MyoScience Acquisition”) in April 2019 and the Flexion Acquisition in November 2021. The balances at March 31, 2022 and December 31, 2021 were $145.7 million and $145.2 million, respectively. The increase was due to a measurement period adjustment associated with the Flexion Acquisition. See Note 4, Flexion Acquisition, for more information.

The Skyepharma Acquisition occurred in March 2007, prior to the requirements to record contingent consideration at fair value under ASC 805-30. In connection with the Skyepharma Acquisition, the Company agreed to certain milestone payments for DepoBupivacaine products, including EXPAREL. The final Skyepharma milestone payment of $32.0 million when annual net sales collected reached $500.0 million was achieved in the fourth quarter of 2021 and paid during the first quarter of 2022.

Intangible Assets

Intangible assets, net, consist of the in-process research and development, or IPR&D, and developed technology from the Flexion Acquisition and developed technology and customer relationships from the MyoScience Acquisition and are summarized as follows (dollar amounts in thousands):


March 31, 2022	Gross Carrying Value		Accumulated Amortization		Intangible Assets, Net		Weighted-Average Useful Lives
Developed technologies	$	590,000	$	(41,417)	$	548,583	10 years, 5 months
Customer relationships	90		(27)		63		10 years
Total finite-lived intangible assets, net	590,090		(41,444)		548,646
Acquired IPR&D	61,000		—		61,000
Total intangible assets, net	$	651,090	$	(41,444)	$	609,646

December 31, 2021	Gross Carrying Value		Accumulated Amortization		Intangible Assets, Net		Weighted-Average Useful Lives
Developed technologies	$	590,000	$	(27,097)	$	562,903	10 years, 5 months
Customer relationships	90		(25)		65		10 years
Total finite-lived intangible assets, net	590,090		(27,122)		562,968
Acquired IPR&D	61,000		—		61,000
Total intangible assets, net	$	651,090	$	(27,122)	$	623,968

Amortization expense was $14.3 million and $2.0 million for the three months ended March 31, 2022 and 2021, respectively. The increase in amortization expense is a result of the amortization of ZILRETTA for osteoarthritis knee pain acquired as part of the Flexion Acquisition in November 2021.

Assuming no changes in the gross carrying amount of these intangible assets, the future estimated amortization expense on the finite-lived intangible assets will be $43.0 million for the remaining nine months of 2022, $57.3 million from 2023 to 2030, $37.4 million in 2031, $7.9 million in 2032 and $2.2 million in 2033.

DEBT

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

DEBT

The carrying value of the Company’s outstanding debt is summarized as follows (in thousands):


	March 31,		December 31,
	2022		2021
Term loan B facility maturing December 2026	$	360,508	$	359,497
0.750% Convertible senior notes due August 2025	394,275		330,627
3.375% Convertible senior notes due May 2024	8,640		201,249
2.375% Convertible senior notes due April 2022 (1)	160,000		157,857
Total	$	923,423	$	1,049,230

(1) The 2022 Notes (as defined below) matured on April 1, 2022.

Term Loan B Facility

In December 2021, the Company entered into a term loan credit agreement (the “Credit Agreement”) with JP Morgan Chase Bank, N.A., as administrative agent and the initial lender. The term loan issued under the Credit Agreement (the “Term Loan”) was issued at a 3% discount and allows for a single-advance term loan B facility in the principal amount of $375.0 million, which is secured by substantially all of the Company’s and each subsidiary guarantor’s assets. Subject to certain conditions, the Company may, at any time, on one or more occasion, add one or more new classes of term facilities and/or increase the principal amount of the loans of any existing class by requesting one or more incremental term facilities. The net proceeds of the Term Loan were approximately $363.8 million after deducting an original issue discount of $11.2 million.

The total debt composition of the Term Loan is as follows (in thousands):


	March 31,		December 31,
	2022		2021
Term Loan maturing December 2026	$	375,000	$	375,000
Deferred financing costs	(4,138)		(4,443)
Discount on debt	(10,354)		(11,060)
Total debt, net of debt discount and deferred financing costs	$	360,508	$	359,497

The Term Loan matures on December 7, 2026 and requires quarterly repayments of principal in the amount of $9.4 million commencing June 30, 2022, increasing to $14.1 million commencing December 31, 2025, with a remaining balloon payment of approximately $188.0 million due at maturity. During 2022, the Company will be required to make three quarterly payments totaling $28.1 million. The Company is also required to make mandatory prepayments of principal from (i) the Company’s excess cash flow (as defined in the Credit Agreement) existing in any fiscal year and if the Senior Secured Leverage Ratio (as defined in the Credit Agreement) for such fiscal year exceeds certain predetermined limits (ii) net proceeds (as defined in the Credit Agreement) of non-ordinary course assets sales and casualty events and (iii) debt issuance proceeds (other than permitted debt under the Credit Agreement). Prepayment penalties for the Term Loan are 2% in the first loan year plus an interest make-whole payment, 2% in the second loan year, 1% in the third loan year and nothing thereafter. Prepayment penalties generally do not apply to mandatory prepayment obligations under the Credit Agreement, such as prepayments due in connection with excess cash flow.

The Term Loan requires the Company to, among other things, maintain (i) a first lien net leverage ratio, determined as of the last day of any fiscal quarter, of no greater than 1.75 to 1.00 and (ii) liquidity, at any time, of at least $150.0 million. The Term Loan also contains customary affirmative and negative covenants, financial covenants, representations and warranties, events of default and other provisions. As of March 31, 2022, the Company was in compliance with all financial covenants under the Credit Agreement.

The Company may elect to borrow either term benchmark borrowings or alternate base rate borrowings. Term benchmark borrowings bear interest at a variable rate per annum equal to the Adjusted Term SOFR Rate (as defined in the Credit Agreement) (subject to a 75 basis points floor) plus an applicable margin of 700 basis points. Alternate base rate borrowings bear interest at a variable rate per annum determined using a base rate (subject to a 175 basis points floor) equal to the greatest of (i) the Prime Rate (as defined in the Credit Agreement) in effect on such day, (ii) the NYFRB Rate (as defined in the Credit Agreement) plus 50 basis points or (iii) the Adjusted Term SOFR Rate (as defined in the Credit Agreement) plus 100 basis points, subject to certain exceptions, plus an applicable margin of 600 basis points. As of March 31, 2022, borrowings under the Term Loan consisted entirely of term benchmark borrowings at a rate of 7.75%.

Convertible Senior Notes Due 2025

In July 2020, the Company completed a private placement of $402.5 million in aggregate principal amount of its 0.750% convertible senior notes due 2025, or 2025 Notes, and entered into an indenture, or 2025 Indenture, with respect to the 2025 Notes. The 2025 Notes accrue interest at a fixed rate of 0.750% per year, payable semiannually in arrears on February 1st and August 1st of each year. The 2025 Notes mature on August 1, 2025.

The total debt composition of the 2025 Notes is as follows (in thousands):


	March 31,		December 31,
	2022		2021
0.750% convertible senior notes due August 2025	$	402,500	$	402,500
Deferred financing costs	(8,225)		(7,155)
Discount on debt	—		(64,718)
Total debt, net of debt discount and deferred financing costs	$	394,275	$	330,627

The net proceeds from the issuance of the 2025 Notes were approximately $390.0 million, after deducting commissions and the offering expenses paid by the Company. A portion of the net proceeds from the 2025 Notes was used by the Company to repurchase $185.0 million in aggregate principal amount of its then-outstanding 2.375% convertible senior notes due 2022 in privately-negotiated transactions for a total of $211.1 million of cash (including accrued interest).

Holders may convert the 2025 Notes at any time prior to February 3, 2025, only if certain circumstances are met, including if during the previous calendar quarter, the last reported sales price of the Company’s common stock was greater than 130% of the conversion price then applicable for at least 20 out of the last 30 consecutive trading days of the quarter. During the quarter ended March 31, 2022, this condition for conversion was not met.

On or after February 3, 2025, until the close of business on the second scheduled trading day immediately preceding August 1, 2025, holders may convert their 2025 Notes at any time.

Upon conversion, holders will receive the principal amount of their 2025 Notes and any excess conversion value, calculated based on the per share volume-weighted average price for each of the 40 consecutive trading days during the observation period (as more fully described in the 2025 Indenture). For both the principal and excess conversion value, holders may receive cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, at the Company’s option. The initial conversion rate for the 2025 Notes is 13.9324 shares of common stock per $1,000 principal amount, which is equivalent to an initial conversion price of $71.78 per share of the Company’s common stock. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. The initial conversion price of the 2025 Notes represents a premium of approximately 32.5% to the closing sale price of $54.17 per share of the Company’s common stock on the Nasdaq Global Select Market on July 7, 2020, the date that the Company priced the private offering of the 2025 Notes.

As of March 31, 2022, the 2025 Notes had a market price of $1,241 per $1,000 principal amount. In the event of conversion, holders would forgo all future interest payments, any unpaid accrued interest and the possibility of further stock price appreciation. Upon the receipt of conversion requests, the settlement of the 2025 Notes will be paid pursuant to the terms of the 2025 Indenture. In the event that all of the 2025 Notes are converted, the Company would be required to repay the $402.5 million in principal value and any conversion premium in any combination of cash and shares of its common stock (at the Company’s option).

Prior to August 1, 2023, the Company may not redeem the 2025 Notes. On or after August 1, 2023 (but, in the case of a redemption of less than all of the outstanding 2025 Notes, no later than the 40th scheduled trading day immediately before the maturity date), the Company may redeem for cash all or part of the 2025 Notes if the last reported sale price (as defined in the 2025 Indenture) of the Company’s common stock has been at least 130% of the conversion price then in effect for (i) each of at

least 20 trading days (whether or not consecutive) during any 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related notice of redemption and (ii) the trading day immediately before the date the Company sends such notice. The redemption price will equal the sum of (i) 100% of the principal amount of the 2025 Notes being redeemed, plus (ii) accrued and unpaid interest, including additional interest, if any, to, but excluding, the redemption date. In addition, calling the 2025 Notes for redemption will constitute a “make-whole fundamental change” (as defined in the 2025 Indenture) and will, in certain circumstances, increase the conversion rate applicable to the conversion of such notes if it is converted in connection with the redemption. No sinking fund is provided for the 2025 Notes.

While the 2025 Notes are currently classified on the Company’s condensed consolidated balance sheet at March 31, 2022 as long-term debt, the future convertibility and resulting balance sheet classification of this liability is monitored at each quarterly reporting date and is analyzed dependent upon market prices of the Company’s common stock during the prescribed measurement periods. In the event that the holders of the 2025 Notes have the election to convert the 2025 Notes at any time during the prescribed measurement period, the 2025 Notes would then be considered a current obligation and classified as such.

Convertible Senior Notes Due 2024 Assumed from the Flexion Acquisition

Prior to the Flexion Acquisition, on May 2, 2017, Flexion issued an aggregate of $201.3 million principal amount of 3.375% convertible senior notes due 2024 (the “Flexion 2024 Notes”), pursuant to the indenture, dated as of May 2, 2017 (the “Original Flexion Indenture”), between Flexion and Wells Fargo Bank, N.A., as trustee (the “Flexion Trustee”), as supplemented by the First Supplemental Indenture, dated as of November 19, 2021, between Flexion and the Flexion Trustee (the “First Supplemental Flexion Indenture” and, together with the Original Flexion Indenture, the “Flexion Indenture”). The Flexion 2024 Notes have a maturity date of May 1, 2024, are unsecured, and accrue interest at a rate of 3.375% per annum, payable semi-annually on May 1 and November 1 of each year. Upon the Flexion Acquisition, the principal was assumed and recorded at fair value by the Company.

Upon conversion of the Flexion 2024 Notes, at the election of each holder thereof, each Flexion 2024 Note was convertible into cash, shares of Flexion’s common stock, or a combination thereof, at Flexion’s election, at a conversion rate of approximately 37.3413 shares of Flexion common stock per $1,000 principal amount of the Flexion 2024 Notes, which corresponded to an initial conversion price of approximately $26.78 per share of Flexion’s common stock. As a result of the Flexion Acquisition, and in connection with the Notice (as defined below), holders of the Flexion 2024 Notes became entitled to certain Flexion Acquisition-related conversion and repurchase rights, as discussed below. In addition, as a result of the Flexion Acquisition and as discussed in more detail below, any future conversion rights are subject to the occurrence of any future events giving rise to such conversion rights under the Flexion Indenture.

On December 6, 2021, as a result of the Flexion Acquisition and in accordance with the Flexion Indenture, Flexion provided a Fundamental Change Company Notice and Offer to Purchase (the “Notice”) to the holders of the Flexion 2024 Notes and offered to repurchase for cash all of the outstanding Flexion 2024 Notes, at a repurchase price in cash equal to 100% of the principal amount of the Flexion 2024 Notes being repurchased, plus accrued and unpaid interest thereon to, but excluding, January 7, 2022, subject to the terms and conditions set forth therein. The offer to purchase expired at 5:00 p.m., New York City time, on January 6, 2022, as scheduled.

Any holder that did not exercise its repurchase right in accordance with the terms of the Notice retained the conversion rights associated with such holder’s Flexion 2024 Notes under the Flexion Indenture. For conversion of Flexion 2024 Notes in connection with the Fundamental Change and the Make-Whole Fundamental Change (each as defined in the Flexion Indenture) resulting from the Flexion Acquisition, each $1,000 principal amount of the Flexion 2024 Notes was convertible into (i) $317.40 in cash and (ii) 37.3413 CVRs, based on the conversion rate of 37.3413, prior to 5:00 p.m., New York City time, on January 7, 2022. Alternatively, holders could retain their Flexion 2024 Notes and such Flexion 2024 Notes would remain outstanding subject to their existing terms, including with respect to a holder’s right to receive interest payments on the Flexion 2024 Notes and exercise any future conversion rights that may arise under the Flexion Indenture.

On January 7, 2022, following the expiration of the offer to purchase, the Company accepted the $192.6 million aggregate principal amount of Flexion 2024 Notes that were validly tendered (and not validly withdrawn). No Flexion 2024 Notes were converted in connection with the Notice. At March 31, 2022, the remaining principal outstanding is $8.6 million.

Convertible Senior Notes Due 2022

In March 2017, the Company completed a private placement of $345.0 million in aggregate principal amount of 2.375% convertible senior notes due 2022, or 2022 Notes. The 2022 Notes accrued interest at a fixed rate of 2.375% per year, payable semiannually in arrears on April 1st and October 1st of each year. As discussed above, in July 2020, the Company used part of the net proceeds from the issuance of the 2025 Notes to repurchase $185.0 million aggregate principal amount of the 2022 Notes in privately-negotiated transactions for an aggregate of $211.1 million in cash (including accrued interest).

The total debt composition of the 2022 Notes is as follows (in thousands):


	March 31,		December 31,
	2022		2021
2.375% convertible senior notes due April 2022	$	160,000	$	160,000
Deferred financing costs	—		(223)
Discount on debt	—		(1,920)
Total debt, net of debt discount and deferred financing costs	$	160,000	$	157,857

Subsequently, on April 1, 2022, the 2022 Notes matured, and the Company settled the remaining outstanding principal balance of $160.0 million and a conversion premium of $4.8 million through a cash payment of $156.9 million and the issuance of 101,521 shares of the Company’s common stock.

Interest Expense

The following table sets forth the total interest expense recognized in the periods presented (dollar amounts in thousands):


	Three Months Ended March 31,
		2022			2021
Contractual interest expense		$	9,130		$	1,705
Amortization of debt issuance costs		1,179			651
Amortization of debt discount		706			5,657
Capitalized interest and other (Note 6)		(824)			(1,042)
Total		$	10,191		$	6,971

Effective interest rate on total debt		5.58		%	6.70		%

Upon the adoption of ASU 2020-06 effective January 1, 2022, the Company eliminated the convertible debt discounts associated with the 2022 Notes and the 2025 Notes that were originally recorded as offsets to the embedded conversion features recognized in equity. Effective January 1, 2022, the Company will not record interest expense on the previously recorded discounts on convertible debt. The deferred financing costs previously allocated to the conversion features have since been re-allocated to the outstanding debt, slightly increasing the future annual amortization of deferred financing costs. For additional information regarding the adoption of ASU 2020-06, see Note 2, Summary of Significant Accounting Policies.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in the principal or most advantageous market in an orderly transaction. To increase consistency and comparability in fair value measurements, the FASB established a three-level hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of fair value measurements are:

•Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

•Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.

•Level 3: Unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

The carrying value of financial instruments including cash and cash equivalents, accounts receivable and accounts payable approximate their respective fair values due to the short-term nature of these items. The fair value of the Company’s convertible senior notes are calculated utilizing market quotations from an over-the-counter trading market for these notes (Level 2). The fair value of the Company’s acquisition-related contingent consideration is reported at fair value on a recurring basis (Level 3). The carrying amounts of equity investments and convertible notes receivable without readily determinable fair values have not been adjusted for either an impairment or upward or downward adjustments based on observable transactions.

At March 31, 2022, the carrying values and fair values of the following financial assets and liabilities were as follows (in thousands):


	Carrying Value		Fair Value Measurements Using
			Level 1		Level 2		Level 3
Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis:
Financial Assets:
Equity investments	$	25,627	$	—	$	—	$	25,627
Convertible notes receivable	$	5,364	$	—	$	—	$	5,364
Financial Liabilities:
Acquisition-related contingent consideration	$	56,527	$	—	$	—	$	56,527

Financial Liabilities Measured at Amortized Cost:
Term loan facility due December 2026	$	360,508	$	—	$	371,250	$	—
0.750% convertible senior notes due 2025 (1)	$	394,275	$	—	$	499,603	$	—
3.375% convertible senior notes due 2024 (2)	$	8,640	$	—	$	8,662	$	—
2.375% convertible senior notes due 2022 (3)	$	160,000	$	—	$	163,600	$	—

(1) The fair value of the 2025 Notes was based on the Company’s closing stock price of $76.32 per share at March 31, 2022 compared to a conversion price of $71.78 per share which, if converted, would result in an approximate conversion premium of 0.3 million shares or $25.5 million of cash. The maximum conversion premium that can be due on the 2025 Notes is 5.6 million shares, which assumes no increases in the conversion rate for certain corporate events.

(2) Relates to the Flexion 2024 Notes. For more information, See Note 9, Debt.

(3) The 2022 Notes matured on April 1, 2022. For more information, See Note 9, Debt.

Equity and Convertible Note Investments

The Company holds strategic investments in clinical and preclinical stage privately-held biotechnology companies in the form of equity and convertible note investments. The following investments have no readily determinable fair value and are recorded at cost minus impairment, if any, plus or minus observable price changes of identical or similar investments (in thousands):


	Equity Investments		Convertible Notes Receivable		Total
Balance at December 31, 2021	$	14,127	$	4,132	$	18,259
Purchases	11,500		1,250		12,750
Foreign currency adjustments	—		(18)		(18)
Balance at March 31, 2022	$	25,627	$	5,364	$	30,991

Acquisition-Related Contingent Consideration

The Company has recognized contingent consideration related to the Flexion Acquisition and the MyoScience Acquisition in the amount of $56.5 million and $57.6 million as of March 31, 2022 and December 31, 2021, respectively. The Company’s contingent consideration obligations are recorded at their estimated fair values and are revalued each reporting period if and until the related contingencies are resolved. The Company has measured the fair value of its contingent consideration using a probability-weighted discounted cash flow approach that is based on unobservable inputs and a Monte Carlo simulation. These inputs include, as applicable, estimated probabilities and the timing of achieving specified commercial and regulatory milestones, estimated forecasts of revenue and costs and the discount rates used to calculate the present value of estimated future payments. Significant changes may increase or decrease the probabilities of achieving the related commercial and regulatory events, shorten or lengthen the time required to achieve such events, or increase or decrease estimated forecasts.

In November 2021, as part of the purchase price consideration related to the Flexion Acquisition, the Company recorded contingent consideration of $45.2 million, which represents the Company’s potential achievement of meeting regulatory and sales-based milestones. For the period from the date of the Flexion Acquisition through December 31, 2021, the Company recorded an additional $1.2 million liability due to an estimated $0.02 fair value increase to contingent consideration per CVR. During the three months ended March 31, 2022, the Company recorded a $0.8 million credit due to a decrease in the fair value of contingent consideration. These adjustments were recorded as acquisition-related charges in the condensed consolidated

statements of operations. At March 31, 2022, the weighted average discount rate was 12.6% and the weighted average probability of success for regulatory milestones was 11.7%. As of March 31, 2022 and December 31, 2021, a contingent consideration liability related to the Flexion Acquisition was recognized in the amount of $45.6 million and $46.4 million, respectively.

In April 2019, the Company completed the MyoScience Acquisition pursuant to the terms of an Agreement and Plan of Merger, which provided for contingent milestone payments of up to an aggregate of $100.0 million upon the achievement of certain regulatory and commercial milestones. The Company’s obligation to make milestone payments is limited to those milestones achieved through December 31, 2023, and are to be paid within 60 days of the end of the fiscal quarter of achievement. As of March 31, 2022, the maximum potential remaining milestone payments to be paid are $43.0 million. The Company recognized contingent consideration credits of $0.3 million and $1.1 million during the three months ended March 31, 2022 and 2021, respectively. At March 31, 2022, the weighted average discount rate was 11.3% and the probability of success for the regulatory milestone that has not yet been met was 1.0%. As of March 31, 2022 and December 31, 2021, a contingent consideration liability related to the MyoScience Acquisition has been recognized in the amounts of $10.9 million and $11.2 million, respectively.

The following table includes the key assumptions used in the valuation of the Company’s contingent consideration:

Assumption

Flexion Ranges

Utilized as of

March 31, 2022

MyoScience Ranges

Utilized as of

March 31, 2022

Discount rates

11.50% to 13.65%

10.23% to 12.28%

Probabilities of payment for regulatory milestones

5% to 15%

Projected years of payment for regulatory and commercial milestones

2027 to 2030

2023

The change in the Company’s contingent consideration recorded at fair value using Level 3 measurements is as follows (in thousands):


	Contingent Consideration Fair Value
Balance at December 31, 2021	$	57,598

Fair value adjustments and accretion	(1,071)


Balance at March 31, 2022	$	56,527

Available-for-Sale Investments

Short-term investments consist of asset-backed securities collateralized by credit card receivables, investment grade commercial paper and corporate and government bonds with maturities greater than three months, but less than one year. Net unrealized gains and losses (excluding credit losses, if any) from the Company’s short-term investments are reported in other comprehensive income (loss). At March 31, 2022 and December 31, 2021, all of the Company’s short-term investments are classified as available-for-sale investments and are determined to be Level 2 instruments, which are measured at fair value using standard industry models with observable inputs. The fair value of the commercial paper is measured based on a standard industry model that uses the three-month U.S. Treasury bill rate as an observable input. The fair value of the asset-backed securities and corporate bonds is principally measured or corroborated by trade data for identical issues in which related trading activity is not sufficiently frequent to be considered a Level 1 input or that of comparable securities. At the time of purchase, all short-term investments had an “A” or better rating by Standard & Poor’s.

The following summarizes the Company’s short-term available-for-sale investments at March 31, 2022 and December 31, 2021 (in thousands):


March 31, 2022 Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)

Asset-backed securities	$	32,213	$	—	$	(216)	$	31,997
Commercial paper	164,140		—		(630)		163,510
Corporate bonds	12,503		—		(115)		12,388
U.S. Government bonds	17,557		—		(9)		17,548






Total	$	226,413	$	—	$	(970)	$	225,443


December 31, 2021 Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)

Asset-backed securities	$	3,182	$	—	$	—	$	3,182
Commercial paper	57,533		80		(2)		57,611
Corporate bonds	9,936		102		—		10,038

Total	$	70,651	$	182	$	(2)	$	70,831

At March 31, 2022, there were no investments available for sale that were materially less than their amortized cost.

The Company elects to recognize its interest receivable separate from its available-for-sale investments. At March 31, 2022 and December 31, 2021, the interest receivable recognized in prepaid expenses and other current assets was $0.4 million and $0.1 million, respectively.

Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term available-for-sale investments and accounts receivable. The Company maintains its cash and cash equivalents with high-credit quality financial institutions. Such amounts may exceed federally-insured limits.

As of March 31, 2022, three wholesalers each accounted for over 10% of the Company’s accounts receivable, at 34%, 19% and 19%. At December 31, 2021, four wholesalers each accounted for over 10% of the Company’s accounts receivable, at 30%, 20%, 17% and 11%. For additional information regarding the Company’s wholesalers, see Note 2, Summary of Significant Accounting Policies. EXPAREL and ZILRETTA revenues are primarily derived from major wholesalers and specialty distributors that generally have significant cash resources. The Company performs ongoing credit evaluations of its customers as warranted and generally does not require collateral. Allowances for credit losses on the Company’s accounts receivable are maintained based on historical payment patterns, current and estimated future economic conditions, aging of accounts receivable and its write-off history. As of March 31, 2022 and December 31, 2021, the Company did not deem any allowances for credit losses on its accounts receivable necessary.

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Income

The following tables illustrate the changes in the balances of the Company’s accumulated other comprehensive income (loss) for the periods presented (in thousands):


	Net Unrealized Gains (Losses) From Available For Sale Investments		Unrealized Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021	$	139	$	28	$	167
Net unrealized loss on investments, net of tax	(733)		—		(733)
Foreign currency translation adjustments	—		39		39

Balance at March 31, 2022	$	(594)	$	67	$	(527)


	Net Unrealized Gains (Losses) From Available For Sale Investments		Unrealized Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2020	$	319	$	(1)	$	318
Net unrealized loss on investments, net of tax	(150)		—		(150)
Foreign currency translation adjustments	—		4		4

Balance at March 31, 2021	$	169	$	3	$	172

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

STOCK PLANS

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

STOCK PLANS

Stock-Based Compensation

The Company recognized stock-based compensation expense in the periods presented as follows (in thousands):


	Three Months Ended March 31,
		2022		2021
Cost of goods sold		$	1,352	$	1,452
Research and development		1,458		1,106
Selling, general and administrative		8,379		7,552
Total		$	11,189	$	10,110

Stock-based compensation from:
Stock options		$	6,785	$	6,496
Restricted stock units		4,113		3,392
Employee stock purchase plan		291		222
Total		$	11,189	$	10,110

Equity Awards

The following tables contain information about the Company’s stock option and restricted stock unit, or RSU, activity for the three months ended March 31, 2022:


Stock Options	Number of Options	Weighted Average Exercise Price (Per Share)
Outstanding at December 31, 2021	6,050,540	$	49.32
Granted	120,200	62.24
Exercised	(323,201)	34.28
Forfeited	(33,535)	52.56
Expired	(13,054)	85.48
Outstanding at March 31, 2022	5,800,950	50.33


Restricted Stock Units	Number of Units	Weighted Average Grant Date Fair Value (Per Share)
Unvested at December 31, 2021	955,277	$	52.85
Granted	64,700	62.34
Vested	(6,950)	62.35
Forfeited	(31,074)	53.76
Unvested at March 31, 2022	981,953	53.38

The weighted average fair value of stock options granted during the three months ended March 31, 2022 was $27.71 per share. The fair values of stock options granted were estimated using the Black-Scholes option valuation model with the following weighted average assumptions:


Black-Scholes Weighted Average Assumption						Three Months Ended March 31, 2022
Expected dividend yield						None
Risk-free interest rate						1.44%
Expected volatility						48.55%
Expected term of options						5.30 years

Employee Stock Purchase Plan

The Company’s 2014 Employee Stock Purchase Plan, or ESPP, features two six-month offering periods per year, running from January 1 to June 30 and July 1 to December 31. Under the ESPP, employees may elect to contribute after-tax earnings to purchase shares at 85% of the closing fair market value of the Company’s common stock on either the offering date or the purchase date, whichever is less. During the three months ended March 31, 2022, no shares were purchased and issued through the ESPP.

NET INCOME (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is calculated by dividing the net income (loss) attributable to common shares by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is calculated by dividing the net income (loss) attributable to common shares by the weighted average number of common shares outstanding plus dilutive potential common shares outstanding during the period.

ASU 2020-06 was adopted on January 1, 2022 and requires the Company to use the if-converted method to calculate the number of potentially dilutive shares for convertible debt. Under the if-converted method, adjustments are made to the diluted net income (loss) per common share calculation as if the Company had converted the convertible debt on the first day of each period presented. Adjustments to the numerator are made to add back the interest expense associated with the convertible debt on a post-tax basis. Adjustments to the denominator reflect the number of shares assumed to be convertible at the beginning of the period. For additional information regarding ASU 2020-06, see Note 2, Summary of Significant Accounting Policies. Prior to January 1, 2022, the Company used the treasury stock method to calculate dilutive shares on its convertible debt.

Potential common shares include the shares of common stock issuable upon the exercise of outstanding stock options, the vesting of RSUs and the purchase of shares from the ESPP (using the treasury stock method), if applicable.

Potential common shares are excluded from the diluted net income (loss) per share computation to the extent they would be antidilutive.

The following table sets forth the computation of basic and diluted net income per common share for the three months ended March 31, 2022 and 2021 (in thousands, except per share amounts):


	Three Months Ended March 31,
		2022		2021
Numerator:
Net income		$	6,828	$	10,369








Denominator:
Weighted average common shares outstanding—basic		44,869		43,833
Computation of diluted securities:

Dilutive effect of stock options		1,195		1,507
Dilutive effect of RSUs		373		470
Dilutive effect of conversion premium on the 2022 Notes		—		152
Dilutive effect of ESPP purchase options		1		4

Weighted average common shares outstanding—diluted		46,438		45,966
Net income per share:
Basic net income per common share		$	0.15	$	0.24
Diluted net income per common share		$	0.15	$	0.23

The following table summarizes the outstanding stock options, RSUs and convertible senior notes that were excluded from the diluted net income per common share calculation because the effects of including these potential shares were antidilutive in the periods presented (in thousands):


	Three Months Ended March 31,
		2022	2021
Weighted average number of stock options		1,762	890
Convertible senior notes		8,000	—
Weighted average number of RSUs		17	2

Total		9,779	892

INCOME TAXES

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

Income before income taxes is as follows (in thousands):


	Three Months Ended March 31,
		2022		2021
Income (loss) before income taxes:
Domestic		$	6,582	$	15,933
Foreign		712		(3,209)
Total income before income taxes		$	7,294	$	12,724

For the three months ended March 31, 2022 and 2021, the Company recognized income tax expense of $0.5 million and $2.4 million, respectively,

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

ACQUISITION–RELATED CHARGES, PRODUCT DISCONTINUATION AND OTHER

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Acquisition-related charges, product discontinuation and other for the three months ended March 31, 2022 and 2021 summarized below (in thousands):


	Three Months Ended March 31,
	2022		2021
Severance-related expenses	$	3,115	$	—
Acquisition-related fees	1,845		—
Other acquisition expenses	448		—
Total acquisition-related charges	5,408		—
Flexion contingent consideration	(794)		—
MyoScience contingent consideration	(277)		(1,127)
Nuance Biotech Co. Ltd. agreement dissolution costs	—		3,000
Total acquisition-related charges, product discontinuation and other	$	4,337	$	1,873

Flexion Acquisition

The Company recognized acquisition-related costs of $5.4 million, primarily severance, legal fees, third-party services and other one-time charges during the three months ended March 31, 2022 related to the Flexion Acquisition. See Note 4, Flexion Acquisition, for more information.

On November 19, 2021, as part of the purchase price consideration related to the Flexion Acquisition, the Company recorded contingent consideration of $45.2 million, which represents the Company’s potential achievement of meeting regulatory and sales-based milestones. During the three months ended March 31, 2022, the Company recorded a $0.8 million credit due to a decrease to the fair value of its contingent consideration, which was included in acquisition-related charges in the condensed consolidated statements of operations. See Note 10, Financial Instruments, for information regarding the method and key assumptions used in the fair value measurements of contingent consideration.

MyoScience Acquisition

The Company recognized contingent consideration credits of $0.3 million and $1.1 million during the three months ended March 31, 2022 and 2021, respectively. See Note 10, Financial Instruments, for information regarding the method and key assumptions used in the fair value measurements of contingent consideration.

Nuance Biotech Co. Ltd.

In June 2018, the Company entered an agreement with Nuance Biotech Co. Ltd., or Nuance, a China-based specialty pharmaceutical company, to advance the development and commercialization of EXPAREL in China. Under the terms of the agreement, the Company had granted Nuance the exclusive rights to develop and commercialize EXPAREL. In April 2021, the Company and Nuance agreed to a mutual termination of the agreement due to the lack of a viable regulatory pathway that adequately safeguards the Company’s intellectual property against the risk of a generic product. Dissolution costs of $3.0 million were included in other operating expenses in the condensed consolidated statements of operations for the three months ended March 31, 2021.

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES From time to time, the Company has been and may again become involved in legal proceedings arising in the ordinary course of its business, including those related to patents, product liability and government investigations. Except as described below, the Company is not presently a party to any legal proceedings that it believes to be material, and is not aware of any pending or threatened litigation against the Company which it believes could have a material adverse effect on its business, operating results, financial condition or cash flows. MyoScience Milestone Litigation In August 2020, the Company and its subsidiary, Pacira CryoTech, Inc. (“Pacira CryoTech”), filed a lawsuit in the Court of Chancery of the State of Delaware against Fortis Advisors LLC (“Fortis”), solely in its capacity as representative for the former securityholders of MyoScience, and certain other defendants, seeking declaratory judgment with respect to certain terms of the merger agreement for the MyoScience Acquisition (the “Merger Agreement”), specifically related to the achievement of certain milestone payments under the Merger Agreement. In addition, the Company and Pacira CryoTech sought general, special and compensatory damages against the other defendants related to breach of fiduciary duties in connection with the purported achievement of milestone payments under the Merger Agreement, and breach of the Merger Agreement and certain other agreements with the defendants. In October 2020, Fortis filed an answer and counterclaim against the Company and Pacira CryoTech seeking to recover certain milestone payments under the Merger Agreement. The total remaining value of these milestones is $30.0 million, plus attorneys’ fees. The Company believes that the counterclaim from Fortis is without merit and intends to vigorously defend against all claims. The Company is unable to predict the outcome of this action at this time. eVenus Pharmaceutical Laboratories Litigations In October 2021, the Company received a Notice Letter advising that eVenus Pharmaceutical Laboratories, Inc., or eVenus, of Princeton, New Jersey, submitted to the FDA an Abbreviated New Drug Application (ANDA) with a Paragraph IV certification seeking authorization for the manufacturing and marketing of a generic version of EXPAREL (266 mg/20 mL) in the U.S. prior to the expiration of U.S. Patent No. 11,033,495 (the ’495 patent). In November 2021, the Company filed a patent infringement suit against eVenus and its parent company in the U.S. District Court for the District of New Jersey (21-cv-19829) asserting infringement of the ’495 patent. This triggered an automatic 30-month stay of final approval of the eVenus ANDA. On January 6, 2022, eVenus filed an Answer with counterclaims to the Complaint, alleging the ’495 patent is invalid and/or not infringed through the manufacture, sale, or offer for sale of the product described in product described in eVenus’s ANDA submission. In December 2021, the Company received a second Notice Letter advising that eVenus submitted to the FDA an amendment to its ANDA with a Paragraph IV Certification seeking authorization for the manufacturing and marketing of a generic version of EXPAREL (133 mg/10 mL) in the U.S. prior to the expiration of the ’495 patent. In the Notice Letter, eVenus also advised that it submitted a Paragraph IV Certification to the FDA seeking authorization for the manufacturing and marketing of a generic version of EXPAREL (266 mg/20 mL and 133 mg/10 mL) in the U.S. prior to the expiration of U.S. Patent No. 11,179,336 (the ’336 patent). eVenus further alleges in the Notice Letter that both the ’495 patent and the ’366 patent are invalid and/or not infringed. In February 2022, the Company filed a second patent infringement suit against eVenus and its parent company in the U.S. District Court for the District of New Jersey (22-cv-00718) asserting that the 133 mg/10 mL ANDA product will infringe the ’495 and ’336 patents and that the 266 mg/20 mL ANDA product will infringe the ’336 patent. This filing triggered a second automatic 30-month stay of final approval for the 133 mg/10 mL ANDA product. These litigations are in their infancy, and the Company is unable to predict the outcome of this action at this time. Research Development Foundation Pursuant to an agreement with the Research Development Foundation, or RDF, the Company was required to pay RDF a low single-digit royalty on the collection of revenues from certain products, for as long as certain patents assigned to the Company under the agreement remain valid. RDF has the right to terminate the agreement for an uncured material breach by the Company, in connection with its bankruptcy or insolvency or if it directly or indirectly opposes or disputes the validity of the assigned patent rights. The Company’s U.S. Patent No. 11,033,495 was issued on June 15, 2021. Thereafter, RDF asserted that the issuance of that patent extends the Company’s royalty obligations under the agreement until 2041. The Company believes that the royalty period under the agreement was set to end on December 24, 2021 with the expiration of its U.S. Patent No. 9,585,838. Because of the disagreement over the interpretation of the agreement, in December 2021, the Company filed a declaratory judgment lawsuit in the U.S. District Court for the District of Nevada (21-cv-02241). The lawsuit seeks a declaration from the court that the Company owes no royalties to RDF with respect to its EXPAREL product after December 24, 2021. During the pendency of the lawsuit, the Company will continue to pay royalties to RDF under protest, however, the Company is unable to predict the outcome of this action at this time. Other Commitments and Contingencies Pediatric Trial Commitments The FDA, as a condition of EXPAREL approval, has required the Company to study EXPAREL in pediatric patients, as well as the administration of EXPAREL as a nerve block in the pediatric setting. The Company was granted a deferral for the required pediatric trials until after the indications were approved in adults. Similarly, in Europe, the Company agreed with the European Medicines Agency, or EMA, on a Pediatric Investigation Plan as a prerequisite for submitting a Marketing Authorization Application (MAA) in the E.U. Despite the U.K.’s withdrawal from the E.U., the agreed pediatric plan is applicable in the U.K. In December 2019, the Company announced positive results for its extended pharmacokinetic and safety study (“PLAY”) for local analgesia in children aged six to 17 undergoing cardiovascular or spine surgeries. Those positive results were the basis for the submission of a supplemental New Drug Application, or sNDA, in the U.S. and Type II variations in the E.U. and U.K. to expand the EXPAREL label to include use in patients six years of age and older for single-dose infiltration to produce postsurgical local analgesia. In March 2021, the Company announced that the FDA approved the submission of the sNDA in the U.S. The EMA and the Medicines and Healthcare Products Regulatory Agency, or MHRA, are still reviewing the Type II variations. The Company is working with the FDA, MAA and MHRA to finalize the regulatory pathway for its remaining pediatric commitments.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation These interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP, and in accordance with the rules and regulations of the United States Securities and Exchange Commission (SEC), for interim reporting. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in complete annual financial statements have been condensed or omitted. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The condensed consolidated financial statements at March 31, 2022, and for the three-month periods ended March 31, 2022 and 2021, are unaudited, but include all adjustments (consisting of only normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial information set forth herein in accordance with GAAP. The condensed consolidated balance sheet at December 31, 2021 is derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The condensed consolidated financial statements as presented reflect certain reclassifications from previously issued financial statements to conform to the current year presentation. The accounts of wholly-owned subsidiaries are included in the condensed consolidated financial statements. Intercompany accounts and transactions have been eliminated in consolidation. The results of operations for these interim periods are not necessarily indicative of results that may be expected for any other interim periods or for the full year.
Concentration of Major Customers	Concentration of Major Customers The Company sells EXPAREL through a drop-ship program under which orders are processed through wholesalers (including AmerisourceBergen Health Corporation, Cardinal Health, Inc. and McKesson Drug Company), but shipments of the product are sent directly to individual accounts, such as hospitals, ambulatory surgery centers and individual doctors. The Company also sells EXPAREL directly to ambulatory surgery centers and physicians. The Company sells ZILRETTA primarily to specialty distributors and a specialty pharmacy, who then subsequently resell ZILRETTA to physicians, clinics and certain medical centers or hospitals. The Company also contracts directly with healthcare providers and intermediaries such as Group Purchasing Organizations, or GPOs. The Company sells iovera° directly to end users and its bupivacaine liposome injectable suspension for veterinary use to a third-party licensee in the U.S.
Recent Adopted Accounting Pronouncements	Recently Adopted Accounting PronouncementsIn August 2020, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40), which limits the number of convertible instruments that require separate accounting to (i) those with embedded conversion features that are not clearly and closely related to the debt, that meet the definition of a derivative and that do not qualify for the scope exception from derivative accounting and (ii) convertible debt instruments issued with substantial premiums for which the premiums were recorded as paid in capital. In addition, the new guidance requires diluted earnings per share calculations be prepared using the if-converted method instead of the treasury stock method. The Company elected to adopt the new guidance using a modified retrospective method of transition, which applied to transactions outstanding at January 1, 2022. As a result, the Company does not separately present in equity an embedded conversion feature for its convertible debt. Instead, the Company accounts for its convertible debt instruments wholly as debt. In addition, the Company did not record interest expense on the previously recorded discount on its convertible debt. The impact on the condensed consolidated balance sheet at January 1, 2022 increased net debt by approximately $64.9 million, reduced accumulated deficit by $47.2 million, reduced additional paid-in capital by $96.5 million and decreased deferred tax liabilities by $15.7 million.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedule of percentage of revenue comprised by the three largest customers

The table below includes the percentage of revenues comprised by the Company’s three largest wholesalers in each period presented:


	Three Months Ended March 31,
		2022	2021
Largest wholesaler		31%	32%
Second largest wholesaler		23%	29%
Third largest wholesaler		22%	27%
Total		76%	88%

REVENUE (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregated revenue

The following table represents disaggregated net product sales in the periods presented as follows (in thousands):


	Three Months Ended March 31,
		2022		2021
Net product sales:
EXPAREL		$	129,205	$	114,678
ZILRETTA		23,635		—
iovera°		3,026		3,268
Bupivacaine liposome injectable suspension		1,556		792
Total net product sales		$	157,422	$	118,738

FLEXION ACQUISITION (Tables)

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table sets forth the preliminary allocation of the Flexion Acquisition purchase price to the estimated fair value of the net assets acquired at the acquisition date (in thousands):


	Amounts Recognized at the Acquisition Date (as previously reported) (a)		Measurement Period Adjustments (b)		Amounts Recognized at the Acquisition Date (as adjusted)
ASSETS ACQUIRED
Cash and cash equivalents	$	113,562	$	—	$	113,562
Short-term available-for-sale investments	11,153		—		11,153
Accounts receivable	32,838		—		32,838
Inventories	29,667		—		29,667
Prepaid expenses and other assets	4,852		—		4,852
Fixed assets	23,307		—		23,307
Deferred tax assets	58,015		—		58,015
Right-of-use assets	6,585		—		6,585
Identifiable intangible assets	480,000		—		480,000
In-process research and development (IPR&D)	61,000		—		61,000
Total assets	$	820,979	$	—	$	820,979

LIABILITIES ASSUMED
Accounts payable	$	9,794	$	—	$	9,794
Accrued expenses	22,746		547		23,293
Deferred revenue	10,000		—		10,000
Lease liabilities	6,585		—		6,585
Other liabilities	1,187		—		1,187
Long-term debt	201,450		—		201,450
Total liabilities	251,762		547		252,309
Total identifiable net assets acquired	569,217		(547)		568,670
Goodwill	9,628		547		10,175
Total consideration transferred	$	578,845	$	—	$	578,845

(a) As previously reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

(b) Represents pre-acquisition expenses that were paid by the Company in 2022.

Unaudited Pro Forma Summary of Operations

This pro forma information does not purport to represent what the Company’s actual results would have been if the Flexion Acquisition had occurred as of January 1, 2020, and is not indicative of what such results would be expected for any future period (in thousands, except per share amounts):


	Three Months Ended March 31, 2021

Total revenues	$	143,616
Net loss	$	(17,120)
Pro forma basic and diluted net loss per share	$	(0.39)

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Schedule of components of inventories

The components of inventories, net are as follows (in thousands):


	March 31,		December 31,
	2022		2021
Raw materials	$	35,297	$	36,337
Work-in-process	33,995		35,182
Finished goods	34,370		27,031
Total	$	103,662	$	98,550

FIXED ASSETS (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of fixed assets summarized by major category

Fixed assets, net, summarized by major category, consist of the following (in thousands):


	March 31,		December 31,
	2022		2021
Machinery and equipment	$	117,167	$	117,264
Leasehold improvements	59,743		59,740
Computer equipment and software	13,207		13,197
Office furniture and equipment	2,914		2,883
Construction in progress	87,457		80,557
Total	280,488		273,641
Less: accumulated depreciation	(90,721)		(85,240)
Fixed assets, net	$	189,767	$	188,401

LEASES (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Summary of operating lease cost and other operating lease information

Total operating lease costs are as follows (in thousands):


	Three Months Ended
	March 31,
		2022		2021
Fixed lease costs		$	3,527	$	2,922
Variable lease costs		472		478
Total		$	3,999	$	3,400

Supplemental cash flow information related to operating leases is as follows (in thousands):


	Three Months Ended
	March 31,
	2022		2021
Cash paid for operating lease liabilities, net of lease incentive	$	3,279	$	4,600
ROU assets recorded in exchange for lease obligations	$	16	$	—

The weighted average remaining lease term and the weighted average discount rate are summarized as follows:


	March 31,
	2022		2021
Weighted average remaining lease term	7.55 years		8.95 years
Weighted average discount rate	6.95	%	6.89	%

Schedule of maturities of operating lease liabilities

Maturities of the Company’s operating lease liabilities are as follows (in thousands):


Year	Aggregate Minimum Payments Due
2022 (remaining nine months)	$	9,867
2023	13,304
2024	13,435
2025	12,575
2026	12,310
Thereafter	39,423
Total future lease payments	100,914
Less: imputed interest	(23,186)
Total operating lease liabilities	$	77,728

Schedule of operating lease not yet commenced, payments due


Year	Aggregate Minimum Payments Due
2022 (remaining nine months)	$	239
2023	410
2024	416
2025	419
2026	425
Thereafter	179
Total future lease payments	$	2,088

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of finite-lived intangible assets acquired as part of business combination


March 31, 2022	Gross Carrying Value		Accumulated Amortization		Intangible Assets, Net		Weighted-Average Useful Lives
Developed technologies	$	590,000	$	(41,417)	$	548,583	10 years, 5 months
Customer relationships	90		(27)		63		10 years
Total finite-lived intangible assets, net	590,090		(41,444)		548,646
Acquired IPR&D	61,000		—		61,000
Total intangible assets, net	$	651,090	$	(41,444)	$	609,646

December 31, 2021	Gross Carrying Value		Accumulated Amortization		Intangible Assets, Net		Weighted-Average Useful Lives
Developed technologies	$	590,000	$	(27,097)	$	562,903	10 years, 5 months
Customer relationships	90		(25)		65		10 years
Total finite-lived intangible assets, net	590,090		(27,122)		562,968
Acquired IPR&D	61,000		—		61,000
Total intangible assets, net	$	651,090	$	(27,122)	$	623,968

DEBT (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

The carrying value of the Company’s outstanding debt is summarized as follows (in thousands):


	March 31,		December 31,
	2022		2021
Term loan B facility maturing December 2026	$	360,508	$	359,497
0.750% Convertible senior notes due August 2025	394,275		330,627
3.375% Convertible senior notes due May 2024	8,640		201,249
2.375% Convertible senior notes due April 2022 (1)	160,000		157,857
Total	$	923,423	$	1,049,230

(1) The 2022 Notes (as defined below) matured on April 1, 2022.

Schedule of composition of the Company's debt and financing obligations

The total debt composition of the Term Loan is as follows (in thousands):


	March 31,		December 31,
	2022		2021
Term Loan maturing December 2026	$	375,000	$	375,000
Deferred financing costs	(4,138)		(4,443)
Discount on debt	(10,354)		(11,060)
Total debt, net of debt discount and deferred financing costs	$	360,508	$	359,497

The total debt composition of the 2025 Notes is as follows (in thousands):


	March 31,		December 31,
	2022		2021
0.750% convertible senior notes due August 2025	$	402,500	$	402,500
Deferred financing costs	(8,225)		(7,155)
Discount on debt	—		(64,718)
Total debt, net of debt discount and deferred financing costs	$	394,275	$	330,627

The total debt composition of the 2022 Notes is as follows (in thousands):


	March 31,		December 31,
	2022		2021
2.375% convertible senior notes due April 2022	$	160,000	$	160,000
Deferred financing costs	—		(223)
Discount on debt	—		(1,920)
Total debt, net of debt discount and deferred financing costs	$	160,000	$	157,857

Schedule of total interest expense recognized related to the Notes

The following table sets forth the total interest expense recognized in the periods presented (dollar amounts in thousands):


	Three Months Ended March 31,
		2022			2021
Contractual interest expense		$	9,130		$	1,705
Amortization of debt issuance costs		1,179			651
Amortization of debt discount		706			5,657
Capitalized interest and other (Note 6)		(824)			(1,042)
Total		$	10,191		$	6,971

Effective interest rate on total debt		5.58		%	6.70		%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of carrying amount and fair value of the long-term debt

At March 31, 2022, the carrying values and fair values of the following financial assets and liabilities were as follows (in thousands):


	Carrying Value		Fair Value Measurements Using
			Level 1		Level 2		Level 3
Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis:
Financial Assets:
Equity investments	$	25,627	$	—	$	—	$	25,627
Convertible notes receivable	$	5,364	$	—	$	—	$	5,364
Financial Liabilities:
Acquisition-related contingent consideration	$	56,527	$	—	$	—	$	56,527

Financial Liabilities Measured at Amortized Cost:
Term loan facility due December 2026	$	360,508	$	—	$	371,250	$	—
0.750% convertible senior notes due 2025 (1)	$	394,275	$	—	$	499,603	$	—
3.375% convertible senior notes due 2024 (2)	$	8,640	$	—	$	8,662	$	—
2.375% convertible senior notes due 2022 (3)	$	160,000	$	—	$	163,600	$	—

(2) Relates to the Flexion 2024 Notes. For more information, See Note 9, Debt.

(3) The 2022 Notes matured on April 1, 2022. For more information, See Note 9, Debt.

Schedule of investments without readily determinable fair value

The following investments have no readily determinable fair value and are recorded at cost minus impairment, if any, plus or minus observable price changes of identical or similar investments (in thousands):


	Equity Investments		Convertible Notes Receivable		Total
Balance at December 31, 2021	$	14,127	$	4,132	$	18,259
Purchases	11,500		1,250		12,750
Foreign currency adjustments	—		(18)		(18)
Balance at March 31, 2022	$	25,627	$	5,364	$	30,991

Schedule of key assumptions used in the valuation of contingent consideration

The following table includes the key assumptions used in the valuation of the Company’s contingent consideration:

Assumption

Flexion Ranges

Utilized as of

March 31, 2022

MyoScience Ranges

Utilized as of

March 31, 2022

Discount rates

11.50% to 13.65%

10.23% to 12.28%

Probabilities of payment for regulatory milestones

5% to 15%

Projected years of payment for regulatory and commercial milestones

2027 to 2030

2023

Schedule of change in contingent consideration recorded at fair value using Level 3 measurements

The change in the Company’s contingent consideration recorded at fair value using Level 3 measurements is as follows (in thousands):


	Contingent Consideration Fair Value
Balance at December 31, 2021	$	57,598

Fair value adjustments and accretion	(1,071)


Balance at March 31, 2022	$	56,527

Schedule of short-term investments

The following summarizes the Company’s short-term available-for-sale investments at March 31, 2022 and December 31, 2021 (in thousands):


March 31, 2022 Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)

Asset-backed securities	$	32,213	$	—	$	(216)	$	31,997
Commercial paper	164,140		—		(630)		163,510
Corporate bonds	12,503		—		(115)		12,388
U.S. Government bonds	17,557		—		(9)		17,548






Total	$	226,413	$	—	$	(970)	$	225,443


December 31, 2021 Investments	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value (Level 2)

Asset-backed securities	$	3,182	$	—	$	—	$	3,182
Commercial paper	57,533		80		(2)		57,611
Corporate bonds	9,936		102		—		10,038

Total	$	70,651	$	182	$	(2)	$	70,831

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of accumulated other comprehensive income (loss)

The following tables illustrate the changes in the balances of the Company’s accumulated other comprehensive income (loss) for the periods presented (in thousands):


	Net Unrealized Gains (Losses) From Available For Sale Investments		Unrealized Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021	$	139	$	28	$	167
Net unrealized loss on investments, net of tax	(733)		—		(733)
Foreign currency translation adjustments	—		39		39

Balance at March 31, 2022	$	(594)	$	67	$	(527)


	Net Unrealized Gains (Losses) From Available For Sale Investments		Unrealized Foreign Currency Translation		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2020	$	319	$	(1)	$	318
Net unrealized loss on investments, net of tax	(150)		—		(150)
Foreign currency translation adjustments	—		4		4

Balance at March 31, 2021	$	169	$	3	$	172

STOCK PLANS (Tables)

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of recognized stock-based compensation in consolidated statements of operations

The Company recognized stock-based compensation expense in the periods presented as follows (in thousands):


	Three Months Ended March 31,
		2022		2021
Cost of goods sold		$	1,352	$	1,452
Research and development		1,458		1,106
Selling, general and administrative		8,379		7,552
Total		$	11,189	$	10,110

Stock-based compensation from:
Stock options		$	6,785	$	6,496
Restricted stock units		4,113		3,392
Employee stock purchase plan		291		222
Total		$	11,189	$	10,110

Schedule of the company's stock option activity and restricted stock unit activity

The following tables contain information about the Company’s stock option and restricted stock unit, or RSU, activity for the three months ended March 31, 2022:


Stock Options	Number of Options	Weighted Average Exercise Price (Per Share)
Outstanding at December 31, 2021	6,050,540	$	49.32
Granted	120,200	62.24
Exercised	(323,201)	34.28
Forfeited	(33,535)	52.56
Expired	(13,054)	85.48
Outstanding at March 31, 2022	5,800,950	50.33


Restricted Stock Units	Number of Units	Weighted Average Grant Date Fair Value (Per Share)
Unvested at December 31, 2021	955,277	$	52.85
Granted	64,700	62.34
Vested	(6,950)	62.35
Forfeited	(31,074)	53.76
Unvested at March 31, 2022	981,953	53.38

Schedule of share-based payment award, stock options, valuation assumptions

The fair values of stock options granted were estimated using the Black-Scholes option valuation model with the following weighted average assumptions:


Black-Scholes Weighted Average Assumption						Three Months Ended March 31, 2022
Expected dividend yield						None
Risk-free interest rate						1.44%
Expected volatility						48.55%
Expected term of options						5.30 years

NET INCOME (LOSS) PER SHARE (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted loss per share

The following table sets forth the computation of basic and diluted net income per common share for the three months ended March 31, 2022 and 2021 (in thousands, except per share amounts):


	Three Months Ended March 31,
		2022		2021
Numerator:
Net income		$	6,828	$	10,369








Denominator:
Weighted average common shares outstanding—basic		44,869		43,833
Computation of diluted securities:

Dilutive effect of stock options		1,195		1,507
Dilutive effect of RSUs		373		470
Dilutive effect of conversion premium on the 2022 Notes		—		152
Dilutive effect of ESPP purchase options		1		4

Weighted average common shares outstanding—diluted		46,438		45,966
Net income per share:
Basic net income per common share		$	0.15	$	0.24
Diluted net income per common share		$	0.15	$	0.23

Schedule of potential dilutive effect of the securities excluded from the calculation of diluted loss per share


	Three Months Ended March 31,
		2022	2021
Weighted average number of stock options		1,762	890
Convertible senior notes		8,000	—
Weighted average number of RSUs		17	2

Total		9,779	892

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of income before income tax, domestic and foreign

Income before income taxes is as follows (in thousands):


	Three Months Ended March 31,
		2022		2021
Income (loss) before income taxes:
Domestic		$	6,582	$	15,933
Foreign		712		(3,209)
Total income before income taxes		$	7,294	$	12,724

ACQUISITION–RELATED CHARGES, PRODUCT DISCONTINUATION AND OTHER (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Acquisition-related Restructuring and Discontinuation Costs

Acquisition-related charges, product discontinuation and other for the three months ended March 31, 2022 and 2021 summarized below (in thousands):


	Three Months Ended March 31,
	2022		2021
Severance-related expenses	$	3,115	$	—
Acquisition-related fees	1,845		—
Other acquisition expenses	448		—
Total acquisition-related charges	5,408		—
Flexion contingent consideration	(794)		—
MyoScience contingent consideration	(277)		(1,127)
Nuance Biotech Co. Ltd. agreement dissolution costs	—		3,000
Total acquisition-related charges, product discontinuation and other	$	4,337	$	1,873

DESCRIPTION OF BUSINESS (Details)	3 Months Ended
DESCRIPTION OF BUSINESS (Details)	Mar. 31, 2022 product segment
Concentration Risk [Line Items]
Number of reportable segments \| segment	1
Sales Revenue, Net \| Product Concentration Risk
Concentration Risk [Line Items]
Concentration of products (in products) \| product	3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Concentration Risk of Major Customers (Details) - Concentration risk by major customer - segment	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Concentration of Major Customers
Number of customers	3
Sales Revenue, Net \| Largest wholesaler
Concentration of Major Customers
Percentage of revenue from customers to total revenue	31.00%	32.00%
Sales Revenue, Net \| Second largest wholesaler
Concentration of Major Customers
Percentage of revenue from customers to total revenue	23.00%	29.00%
Sales Revenue, Net \| Third largest wholesaler
Concentration of Major Customers
Percentage of revenue from customers to total revenue	22.00%	27.00%
Sales Revenue, Net \| Three largest customers
Concentration of Major Customers
Percentage of revenue from customers to total revenue	76.00%	88.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Stockholders' equity attributable to parent	$ (709,576)	$ (730,408)	$ (650,818)	$ (619,688)
Additional Paid-In Capital
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Stockholders' equity attributable to parent	(867,890)	(942,091)	(894,108)	(873,201)
Accumulated Deficit
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Stockholders' equity attributable to parent	$ 157,832	211,895	$ 243,506	$ 253,875
Cumulative Effect, Period of Adoption, Adjusted Balance
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Long-term debt		64,900
Increase (decrease) in deferred income taxes		15,700
Cumulative Effect, Period of Adoption, Adjusted Balance \| Additional Paid-In Capital
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Stockholders' equity attributable to parent		96,500
Cumulative Effect, Period of Adoption, Adjusted Balance \| Accumulated Deficit
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Stockholders' equity attributable to parent		$ (47,200)

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

REVENUE - Narrative (Details)	3 Months Ended
REVENUE - Narrative (Details)	Mar. 31, 2022
Minimum
Disaggregation of Revenue [Line Items]
Accounts receivable, payment terms	0 days
Maximum
Disaggregation of Revenue [Line Items]
Accounts receivable, payment terms	97 days

REVENUE - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total net product sales	$ 157,991	$ 119,027
EXPAREL
Disaggregation of Revenue [Line Items]
Total net product sales	129,205	114,678
ZILRETTA
Disaggregation of Revenue [Line Items]
Total net product sales	23,635	0
iovera°
Disaggregation of Revenue [Line Items]
Total net product sales	3,026	3,268
Bupivacaine liposome injectable suspension
Disaggregation of Revenue [Line Items]
Total net product sales	1,556	792
Total net product sales
Disaggregation of Revenue [Line Items]
Total net product sales	$ 157,422	$ 118,738

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

FLEXION ACQUISITION - Narrative (Details) - Flexion - USD ($) $ in Millions		1 Months Ended
	Nov. 19, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Total consideration transferred	$ 578.8
Retirement of term loan	85.1
Fair value of contingent value rights (CVRs)	45.2
Additional amount payable to holders of the CVRs	$ 380.2
RSUs, In-The-Money Stock Options, and Common Stock
Business Acquisition [Line Items]
Cash paid to acquire business		$ 448.5

FLEXION ACQUISITION - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands	4 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Nov. 19, 2021
ASSETS ACQUIRED
Total assets	$ 0
LIABILITIES ASSUMED
Accrued expenses	547
Total liabilities	547
Total identifiable net assets acquired	(547)
Goodwill	145,722	$ 145,175
Goodwill	547
Total consideration transferred	0
Flexion
ASSETS ACQUIRED
Cash and cash equivalents	113,562		$ 113,562
Short-term available-for-sale investments	11,153		11,153
Accounts receivable	32,838		32,838
Inventories	29,667		29,667
Prepaid expenses and other assets	4,852		4,852
Fixed assets	23,307		23,307
Deferred tax assets	58,015		58,015
Right-of-use assets	6,585		6,585
Identifiable intangible assets	480,000		480,000
In-process research and development (IPR&D)	61,000		61,000
Total assets	820,979		820,979
LIABILITIES ASSUMED
Accounts payable	9,794		9,794
Accrued expenses	23,293		22,746
Deferred revenue	10,000		10,000
Lease liabilities	6,585		6,585
Other liabilities	1,187		1,187
Long-term debt	201,450		201,450
Total liabilities	252,309		251,762
Total identifiable net assets acquired	568,670		569,217
Goodwill	10,175		9,628
Total consideration transferred	$ 578,845		$ 578,845

FLEXION ACQUISITION - Schedule of Pro Forma Information (Details) - Flexion	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares
Business Acquisition [Line Items]
Total revenues \| $	$ 143,616,000
Net loss \| $	$ (17,120,000)
Pro forma basic net loss per share (in usd per share) \| $ / shares	$ (0.39)
Pro forma diluted net loss per share (in usd per share) \| $ / shares	$ (0.39)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 35,297	$ 36,337
Work-in-process	33,995	35,182
Finished goods	34,370	27,031
Total	$ 103,662	$ 98,550

FIXED ASSETS - Summary of Major Categories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
FIXED ASSETS
Property, plant, and equipment, gross	$ 280,488	$ 273,641
Less: accumulated depreciation	(90,721)	(85,240)
Fixed assets, net	189,767	188,401
Machinery and equipment
FIXED ASSETS
Property, plant, and equipment, gross	117,167	117,264
Leasehold improvements
FIXED ASSETS
Property, plant, and equipment, gross	59,743	59,740
Computer equipment and software
FIXED ASSETS
Property, plant, and equipment, gross	13,207	13,197
Office furniture and equipment
FIXED ASSETS
Property, plant, and equipment, gross	2,914	2,883
Construction in progress
FIXED ASSETS
Property, plant, and equipment, gross	$ 87,457	$ 80,557

FIXED ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
FIXED ASSETS - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
FIXED ASSETS
Depreciation expense	$ 5,700	$ 2,900
Capitalized interest and other (Note 6)	824	1,042
Fixed assets, net	189,767		$ 188,401
Asset retirement obligation	3,000		2,400
Construction in progress
FIXED ASSETS
Capitalized interest and other (Note 6)	800	$ 1,000
Leasehold improvements \| Europe
FIXED ASSETS
Fixed assets, net	$ 62,800		$ 65,400

LEASES - Narrative (Details) $ in Thousands	3 Months Ended
LEASES - Narrative (Details) $ in Thousands	Mar. 31, 2022 USD ($) segment lease	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Number of embedded leases \| lease	2
Number of leases not yet commenced \| segment	1
ROU asset	$ 74,271	$ 76,410
Woburn, Massachusetts
Lessee, Lease, Description [Line Items]
ROU asset	400
Future cash to be received in excess of ROU asset	$ 100
Maximum
Lessee, Lease, Description [Line Items]
Term of contract	8 years 4 months 24 days

LEASES - Summary of operating lease cost and other operating lease information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lease, Cost [Abstract]
Fixed lease costs	$ 3,527	$ 2,922
Variable lease costs	472	478
Total	3,999	3,400
Cash Flow, Operating Activities, Lessee [Abstract]
Cash paid for operating lease liabilities, net of lease incentive	3,279	4,600
ROU assets recorded in exchange for lease obligations	$ 16	$ 0
Weighted average remaining lease term	7 years 6 months 18 days	8 years 11 months 12 days
Weighted average discount rate	6.95%	6.89%

LEASES - Schedule of maturities of operating lease liabilities (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Leases [Abstract]
2022 (remaining nine months)	$ 9,867
2023	13,304
2024	13,435
2025	12,575
2026	12,310
Thereafter	39,423
Total future lease payments	100,914
Less: imputed interest	(23,186)
Total operating lease liabilities	$ 77,728

LEASES -Schedule of maturities of operating lease liabilities (lease not yet commenced) (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Leases [Abstract]
2022 (remaining nine months)	$ 239
2023	410
2024	416
2025	419
2026	425
Thereafter	179
Total future lease payments	$ 2,088

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Goodwill
Goodwill recorded in connection with the acquisition	$ 145,722		$ 145,175
Amortization of acquired intangible assets	14,322	$ 1,967
Amortization expense, remainder of fiscal year	43,000
Amortization expense, first period	57,300
Amortization expense, second period	57,300
Amortization expense, third period	37,400
Amortization expense, fourth period	7,900
Amortization expense, fifth period	2,200
When annual net sales collected reach $500.0 million \| Skye Pharma Holding Inc.
Goodwill
Milestone payments for EXPAREL agreed in connection with acquisition	32,000
Annual net sales threshold	$ 500,000

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 590,090	$ 590,090
Accumulated Amortization	(41,444)	(27,122)
Intangible Assets, Net	548,646	562,968
Gross Carrying Value	651,090	651,090
Intangible Assets, Net	609,646	623,968
Developed technologies
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	590,000	590,000
Accumulated Amortization	(41,417)	(27,097)
Intangible Assets, Net	$ 548,583	$ 562,903
Weighted-Average Useful Lives	10 years 5 months	10 years 5 months
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 90	$ 90
Accumulated Amortization	(27)	(25)
Intangible Assets, Net	$ 63	$ 65
Weighted-Average Useful Lives	10 years	10 years
Acquired IPR&D
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 61,000	$ 61,000
Intangible Assets, Net	$ 61,000	$ 61,000

DEBT - Carrying Value of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Jul. 31, 2020	Mar. 31, 2017
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	$ 923,423	$ 1,049,230
Term Loan B Facility Due 2026 \| Secured Debt
Debt Instrument [Line Items]
Long-term debt	$ 360,508	359,497
Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.75%
Convertible Senior Notes Due 2025 \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	$ 394,275	330,627
Stated interest rate (as a percent)	0.75%		0.75%
Convertible Senior Notes Due May 2024
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.375%
Convertible Senior Notes Due May 2024 \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	$ 8,640	201,249
Convertible Senior Notes Due 2022
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.375%
Convertible Senior Notes Due 2022 \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	$ 160,000	$ 157,857
Stated interest rate (as a percent)	2.375%		2.375%	2.375%

- Definition

+ References + Details

DEBT - Narrative (Details)					1 Months Ended				3 Months Ended		12 Months Ended
DEBT - Narrative (Details)	Dec. 31, 2025 USD ($)	Jun. 30, 2022 USD ($)	Apr. 01, 2022 USD ($) shares	May 02, 2017 USD ($) $ / shares	Jan. 06, 2022	Dec. 31, 2021 USD ($)	Jul. 31, 2020 USD ($) $ / shares	Mar. 31, 2017 USD ($) $ / shares	Mar. 31, 2022 USD ($) segment payment d $ / shares	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 07, 2026 USD ($)	Jan. 07, 2022 USD ($)	Dec. 30, 2021 USD ($)	Dec. 06, 2021 $ / shares shares
DEBT AND FINANCING OBLIGATIONS
Settlement period - convertible debt conversion request									40 days
Closing sale price (in dollars per share) \| $ / shares									$ 76.32
Amortization of debt discount									$ 706,000	$ 5,657,000
Subsequent Event \| Common Stock
DEBT AND FINANCING OBLIGATIONS
Conversion of convertible securities (in shares) \| shares			101,521
Convertible Senior Notes Due 2025
DEBT AND FINANCING OBLIGATIONS
Stated interest rate (as a percent)									0.75%
Initial conversion price of notes into common stock (in dollars per share) \| $ / shares							$ 71.78	$ 71.78
Convertible debt, premium on common stock							32.50%
Closing sale price (in dollars per share) \| $ / shares							$ 54.17
Market price of principal amount of notes									1.241
Initial conversion rate of common stock per $1,000 of principal amount of Notes									0.0139324
Convertible Senior Notes Due 2025 \| Debt Redemption Terms Prior to February 3, 2023
DEBT AND FINANCING OBLIGATIONS
Threshold percentage stock price trigger									130.00%
Threshold trading days \| d									20
Threshold consecutive trading days \| d									30
Convertible Senior Notes Due 2025 \| Debt Redemption Terms on or after August 1, 2023
DEBT AND FINANCING OBLIGATIONS
Threshold percentage stock price trigger									130.00%
Threshold trading days \| segment									20
Threshold consecutive trading days \| d									30
Debt instrument, percentage of principal amount for computation of redemption price									100.00%
Convertible Senior Notes Due 2022
DEBT AND FINANCING OBLIGATIONS
Stated interest rate (as a percent)									2.375%
Initial conversion rate of common stock per $1,000 of principal amount of Notes									0.0149491
Convertible Senior Notes Due 2022 \| Conversion terms prior to close of business on business day immediately proceeding October 1, 2021
DEBT AND FINANCING OBLIGATIONS
Market price of principal amount of notes									1.038
Term Loan B Facility Due 2026
DEBT AND FINANCING OBLIGATIONS
Leverage ratio, maximum									1.75
Leverage ratio, maximum, value									$ 150,000,000
Weighted average interest rate, at point in time									7.75%
Term Loan B Facility Due 2026 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
DEBT AND FINANCING OBLIGATIONS
Basis spread two on variable rate									7.00%
Basis spread one on variable rate									1.00%
Term Loan B Facility Due 2026 \| Base Rate
DEBT AND FINANCING OBLIGATIONS
Basis spread on variable rate									6.00%
Term Loan B Facility Due 2026 \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
DEBT AND FINANCING OBLIGATIONS
Variable rate									0.75%
Term Loan B Facility Due 2026 \| Minimum \| Base Rate
DEBT AND FINANCING OBLIGATIONS
Variable rate									1.75%
Term Loan B Facility Due 2026 \| Minimum \| Federal Reserve Bank Of NY, Rate
DEBT AND FINANCING OBLIGATIONS
Basis spread on variable rate									0.50%
Convertible Senior Notes Due 2024
DEBT AND FINANCING OBLIGATIONS
Debt instrument, percentage of principal amount for computation of redemption price					100.00%
Convertible Senior Notes Due 2024 \| Flexion
DEBT AND FINANCING OBLIGATIONS
Initial conversion price of notes into common stock (in dollars per share) \| $ / shares				$ 26.78											$ 317.40
Initial conversion rate of common stock per $1,000 of principal amount of Notes				0.0373413
Debt conversion, converted instrument, warrants or rights issued, per principal amount \| shares															37.3413
Convertible Senior Notes Due May 2024
DEBT AND FINANCING OBLIGATIONS
Stated interest rate (as a percent)									3.375%
Unsecured Debt
DEBT AND FINANCING OBLIGATIONS
Long-term debt						$ 1,049,230,000			$ 923,423,000
Unsecured Debt \| Convertible Senior Notes Due 2025
DEBT AND FINANCING OBLIGATIONS
Debt instrument, face amount							$ 402,500,000
Debt instrument, unamortized discount						64,718,000			$ 0
Stated interest rate (as a percent)							0.75%		0.75%
Debt issued in private placement							$ 390,000,000		$ 402,500,000
Long-term debt						330,627,000			394,275,000
Unsecured Debt \| Convertible Senior Notes Due 2022
DEBT AND FINANCING OBLIGATIONS
Debt instrument, unamortized discount						1,920,000			$ 0
Stated interest rate (as a percent)							2.375%	2.375%	2.375%
Debt issued in private placement								$ 345,000,000
Debt instrument, repurchased face amount							$ 185,000,000
Repayments of debt							$ 211,100,000
Long-term debt						157,857,000			$ 160,000,000
Unsecured Debt \| Convertible Senior Notes Due 2022 \| Subsequent Event
DEBT AND FINANCING OBLIGATIONS
Repayments of debt			$ 156,900,000
Extinguishment of debt, amount			160,000,000
Amortization of debt discount			$ (4,800,000)
Unsecured Debt \| Convertible Senior Notes Due 2024
DEBT AND FINANCING OBLIGATIONS
Stated interest rate (as a percent)									3.375%
Repurchase amount													$ 192,600,000
Unsecured Debt \| Convertible Senior Notes Due 2024 \| Flexion
DEBT AND FINANCING OBLIGATIONS
Debt instrument, face amount				$ 201,300,000
Stated interest rate (as a percent)				3.375%
Unsecured Debt \| Convertible Senior Notes Due May 2024
DEBT AND FINANCING OBLIGATIONS
Long-term debt						$ 201,249,000			$ 8,640,000
Secured Debt \| Term Loan B Facility Due 2026
DEBT AND FINANCING OBLIGATIONS
Discount rate						3.00%
Debt instrument, face amount						$ 375,000,000
Proceeds from lines of credit						363,800,000
Debt instrument, unamortized discount						11,060,000			$ 10,354,000					$ 11,200,000
Number of payments in next fiscal year \| payment									3
Prepayment penalty, percent, year 1									2.00%
Prepayment penalty, percent, year 2									2.00%
Prepayment penalty, percent, year 3 and thereafter									1.00%
Long-term debt						$ 359,497,000			$ 360,508,000
Secured Debt \| Term Loan B Facility Due 2026 \| Scenario, Forecast
DEBT AND FINANCING OBLIGATIONS
Periodic payment, principal	$ 14,100,000	$ 9,400,000
Balloon payment to be paid												$ 188,000,000
Secured Debt \| Term Loan B Facility Due 2026 \| Scenario, Forecast \| Subsequent Event
DEBT AND FINANCING OBLIGATIONS
Periodic payment, principal											$ 28,100,000

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Dec. 30, 2021	Jul. 31, 2020	Mar. 31, 2017
Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.75%
Convertible Senior Notes Due 2022
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.375%
Unsecured Debt
Debt Instrument [Line Items]
Total debt, net of debt discount and deferred financing costs	$ 923,423	$ 1,049,230
Unsecured Debt \| Convertible Senior Notes Due 2025
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.75%			0.75%
Convertible senior notes	$ 402,500	402,500
Deferred financing costs	(8,225)	(7,155)
Discount on debt	0	(64,718)
Total debt, net of debt discount and deferred financing costs	$ 394,275	330,627
Unsecured Debt \| Convertible Senior Notes Due 2022
Debt Instrument [Line Items]
Stated interest rate (as a percent)	2.375%			2.375%	2.375%
Convertible senior notes	$ 160,000	160,000
Deferred financing costs	0	(223)
Discount on debt	0	(1,920)
Total debt, net of debt discount and deferred financing costs	160,000	157,857
Secured Debt \| Term Loan B Facility Due 2026
Debt Instrument [Line Items]
Convertible senior notes	375,000	375,000
Deferred financing costs	(4,138)	(4,443)
Discount on debt	(10,354)	(11,060)	$ (11,200)
Total debt, net of debt discount and deferred financing costs	$ 360,508	$ 359,497

DEBT - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Disclosure [Abstract]
Contractual interest expense	$ 9,130	$ 1,705
Amortization of debt issuance costs	1,179	651
Amortization of debt discount	706	5,657
Capitalized interest and other (Note 6)	(824)	(1,042)
Total	$ 10,191	$ 6,971
Effective interest rate on total debt	5.58%	6.70%

FINANCIAL INSTRUMENTS - Fair Value of Liabilities Measured on a Recurring Basis (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2022	Jul. 31, 2020	Mar. 31, 2017
Reported Value Measurement
Financial Assets:
Equity investments	$ 25,627
Convertible notes receivable	5,364
Financial Liabilities:
Acquisition-related contingent consideration	56,527
Reported Value Measurement \| Term Loan B Facility Due 2026 \| Secured Debt
Financial Liabilities:
Convertible senior notes	360,508
Reported Value Measurement \| Convertible Senior Notes Due 2025 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	394,275
Reported Value Measurement \| Convertible Senior Notes Due 2024 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	8,640
Reported Value Measurement \| Convertible Senior Notes Due 2022 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	160,000
Estimate of Fair Value Measurement \| Level 1
Financial Assets:
Equity investments	0
Convertible notes receivable	0
Financial Liabilities:
Acquisition-related contingent consideration	0
Estimate of Fair Value Measurement \| Level 1 \| Term Loan B Facility Due 2026 \| Secured Debt
Financial Liabilities:
Convertible senior notes	0
Estimate of Fair Value Measurement \| Level 1 \| Convertible Senior Notes Due 2025 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	0
Estimate of Fair Value Measurement \| Level 1 \| Convertible Senior Notes Due 2024 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	0
Estimate of Fair Value Measurement \| Level 1 \| Convertible Senior Notes Due 2022 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	0
Estimate of Fair Value Measurement \| Level 2
Financial Assets:
Equity investments	0
Convertible notes receivable	0
Financial Liabilities:
Acquisition-related contingent consideration	0
Estimate of Fair Value Measurement \| Level 2 \| Term Loan B Facility Due 2026 \| Secured Debt
Financial Liabilities:
Convertible senior notes	371,250
Estimate of Fair Value Measurement \| Level 2 \| Convertible Senior Notes Due 2025 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	499,603
Estimate of Fair Value Measurement \| Level 2 \| Convertible Senior Notes Due 2024 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	8,662
Estimate of Fair Value Measurement \| Level 2 \| Convertible Senior Notes Due 2022 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	163,600
Estimate of Fair Value Measurement \| Level 3
Financial Assets:
Equity investments	25,627
Convertible notes receivable	5,364
Financial Liabilities:
Acquisition-related contingent consideration	56,527
Estimate of Fair Value Measurement \| Level 3 \| Term Loan B Facility Due 2026 \| Secured Debt
Financial Liabilities:
Convertible senior notes	0
Estimate of Fair Value Measurement \| Level 3 \| Convertible Senior Notes Due 2025 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	0
Estimate of Fair Value Measurement \| Level 3 \| Convertible Senior Notes Due 2024 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	0
Estimate of Fair Value Measurement \| Level 3 \| Convertible Senior Notes Due 2022 \| Unsecured Debt
Financial Liabilities:
Convertible senior notes	$ 0
Closing sale price (in dollars per share)	$ 76.32
Convertible Senior Notes Due 2025
Financial Liabilities:
Stated interest rate (as a percent)	0.75%
Closing sale price (in dollars per share)		$ 54.17
Initial conversion price of notes into common stock (in dollars per share)		$ 71.78	$ 71.78
Debt instrument, convertible, conversion premium (in shares)	0.3
Conversion premium amount	$ 25,500
Convertible Senior Notes Due 2025 \| Maximum
Financial Liabilities:
Debt instrument, convertible, conversion premium (in shares)	5.6
Convertible Senior Notes Due 2025 \| Unsecured Debt
Financial Liabilities:
Stated interest rate (as a percent)	0.75%	0.75%
Convertible Senior Notes Due 2024 \| Unsecured Debt
Financial Liabilities:
Stated interest rate (as a percent)	3.375%
Convertible Senior Notes Due 2022
Financial Liabilities:
Stated interest rate (as a percent)	2.375%
Convertible Senior Notes Due 2022 \| Unsecured Debt
Financial Liabilities:
Stated interest rate (as a percent)	2.375%	2.375%	2.375%

FINANCIAL INSTRUMENTS - Schedule of Investments Without Readily Determinable Fair Value (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Investments Without Readily Determinable Fair Value Roll Forward [Abstract]
Balance at December 31, 2021	$ 18,259
Purchases	12,750
Foreign currency adjustments	(18)
Balance at March 31, 2022	30,991
Equity Investments
Investments Without Readily Determinable Fair Value Roll Forward [Abstract]
Balance at December 31, 2021	14,127
Purchases	11,500
Foreign currency adjustments	0
Balance at March 31, 2022	25,627
Convertible Notes Receivable
Investments Without Readily Determinable Fair Value Roll Forward [Abstract]
Balance at December 31, 2021	4,132
Purchases	1,250
Foreign currency adjustments	(18)
Balance at March 31, 2022	$ 5,364

FINANCIAL INSTRUMENTS - Narrative (Details)		1 Months Ended		3 Months Ended		12 Months Ended
FINANCIAL INSTRUMENTS - Narrative (Details)	Nov. 19, 2021 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Apr. 30, 2019 USD ($)	Mar. 31, 2022 USD ($) customer	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) segment
Concentration Risk [Line Items]
Changes in contingent consideration				$ 1,071,000	$ 1,127,000
Interest receivable		$ 100,000		$ 400,000		$ 100,000
Number of major customers				3		4
Amount of allowance for doubtful accounts		0		$ 0		$ 0
Accounts receivable \| Concentration risk by major customer \| Major customer one
Concentration Risk [Line Items]
Concentration risk (as a percent)				34.00%		30.00%
Accounts receivable \| Concentration risk by major customer \| Major customer two
Concentration Risk [Line Items]
Concentration risk (as a percent)				19.00%		20.00%
Accounts receivable \| Concentration risk by major customer \| Major customer three
Concentration Risk [Line Items]
Concentration risk (as a percent)				19.00%		17.00%
Accounts receivable \| Concentration risk by major customer \| Major customer four
Concentration Risk [Line Items]
Concentration risk (as a percent)						11.00%
Myoscience Acquisition
Concentration Risk [Line Items]
Acquisition-related contingent consideration		11,200,000		$ 10,900,000		$ 11,200,000
Changes in contingent consideration				(277,000)	$ (1,127,000)
Contingent consideration			$ 100,000,000
Payment term			60 days
Contingent consideration, current				$ 43,000,000
Myoscience Acquisition \| Contingent Consideration \| Measurement Input, Discount Rate \| Level 3
Concentration Risk [Line Items]
Measurement input, contingent consideration				0.113
Myoscience Acquisition \| Contingent Consideration \| Measurement Input, Expected Milestone Payment \| Level 3
Concentration Risk [Line Items]
Measurement input, contingent consideration				0.010
Flexion Acquisition
Concentration Risk [Line Items]
Acquisition-related contingent consideration		46,400,000		$ 45,600,000		46,400,000
Changes in contingent consideration	$ (45,200,000)	(1,200,000)		$ 800,000
Flexion Acquisition \| Contingent Consideration \| Measurement Input, Discount Rate \| Level 3 \| Weighted Average
Concentration Risk [Line Items]
Measurement input, contingent consideration				0.126
Flexion Acquisition \| Contingent Consideration \| Measurement Input, Probability of Success of Regulatory Milestones \| Level 3 \| Weighted Average
Concentration Risk [Line Items]
Measurement input, contingent consideration				0.117
Flexion Acquisition \| Contingent Consideration
Concentration Risk [Line Items]
Increase to CVR \| $ / shares	$ 0.02
Flexion And MyoScience Acquisition
Concentration Risk [Line Items]
Acquisition-related contingent consideration		$ 57,600,000		$ 56,500,000		$ 57,600,000

FINANCIAL INSTRUMENTS - Fair Value Measurement Inputs and Valuation (Details) - Fair Value, Inputs, Level 3 - Contingent Consideration	Mar. 31, 2022
Myoscience Acquisition \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, contingent consideration	0.113
Myoscience Acquisition \| Measurement Input, Expected Milestone Payment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, contingent consideration	0.010
Minimum \| Myoscience Acquisition \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, contingent consideration	0.1023
Minimum \| Myoscience Acquisition \| Measurement Input, Expected Milestone Payment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, contingent consideration	0.01
Minimum \| Flexion Acquisition \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, contingent consideration	0.1150
Minimum \| Flexion Acquisition \| Measurement Input, Expected Milestone Payment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, contingent consideration	0.05
Maximum \| Myoscience Acquisition \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, contingent consideration	0.1228
Maximum \| Flexion Acquisition \| Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, contingent consideration	0.1365
Maximum \| Flexion Acquisition \| Measurement Input, Expected Milestone Payment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, contingent consideration	0.15

FINANCIAL INSTRUMENTS - Fair Value of Contingent Consideration Rollforward (Details) - Contingent Consideration $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2021	$ 57,598
Fair value adjustments and accretion	(1,071)
Balance at March 31, 2022	$ 56,527

FINANCIAL INSTRUMENTS - Schedule of Available-For-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurements
Cost	$ 226,413
Gross Unrealized Gains	0
Gross Unrealized Losses	(970)
Fair Value (Level 2)	225,443
Short-term:
Fair Value Measurements
Cost		$ 70,651
Gross Unrealized Gains		182
Gross Unrealized Losses		(2)
Fair Value (Level 2)		70,831
Asset-backed securities \| Short-term:
Fair Value Measurements
Cost	32,213	3,182
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(216)	0
Fair Value (Level 2)	31,997	3,182
Commercial paper \| Short-term:
Fair Value Measurements
Cost	164,140	57,533
Gross Unrealized Gains	0	80
Gross Unrealized Losses	(630)	(2)
Fair Value (Level 2)	163,510	57,611
Corporate bonds \| Short-term:
Fair Value Measurements
Cost	12,503	9,936
Gross Unrealized Gains	0	102
Gross Unrealized Losses	(115)	0
Fair Value (Level 2)	12,388	$ 10,038
U.S. Government bonds \| Short-term:
Fair Value Measurements
Cost	17,557
Gross Unrealized Gains	0
Gross Unrealized Losses	(9)
Fair Value (Level 2)	$ 17,548

STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Thousands	3 Months Ended
STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 730,408	$ 619,688
Net unrealized loss on investments, net of tax	(733)	(150)
Balance at end of period	709,576	650,818
Net Unrealized Gains (Losses) From Available For Sale Investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	139	319
Net unrealized loss on investments, net of tax	(733)	(150)
Balance at end of period	(594)	169
Unrealized Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	28	(1)
Foreign currency translation adjustments	39	4
Balance at end of period	67	3
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	167	318
Net unrealized loss on investments, net of tax	(733)	(150)
Foreign currency translation adjustments	39	4
Balance at end of period	$ (527)	$ 172

- Definition

+ References

+ Details

STOCK PLANS - Schedule of Stock Based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-Based Compensation
Stock-based compensation expense	$ 11,189	$ 10,110
Stock-based compensation from:
Stock options	6,785	6,496
Restricted stock units	4,113	3,392
Employee stock purchase plan	291	222
Total	11,189	10,110
Cost of goods sold
Share-Based Compensation
Stock-based compensation expense	1,352	1,452
Research and development
Share-Based Compensation
Stock-based compensation expense	1,458	1,106
Selling, general and administrative
Share-Based Compensation
Stock-based compensation expense	$ 8,379	$ 7,552

STOCK PLANS - Schedule of Stock Based Compensation Activity (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Number of Options
Outstanding beginning of period (in shares) \| shares	6,050,540
Granted (in shares) \| shares	120,200
Exercised (in shares) \| shares	(323,201)
Forfeited (in shares) \| shares	(33,535)
Expired (in shares) \| shares	(13,054)
Outstanding end of period (in shares) \| shares	5,800,950
Weighted Average Exercise Price
Outstanding beginning of period (in dollars per share) \| $ / shares	$ 49.32
Granted (in dollars per share) \| $ / shares	62.24
Exercised (in dollars per share) \| $ / shares	34.28
Forfeited (in dollars per share) \| $ / shares	52.56
Expired (in dollars per share) \| $ / shares	85.48
Outstanding at end of period (in dollars per share) \| $ / shares	$ 50.33
Restricted Stock Units (RSUs)
Number of Units
Unvested at beginning of period (shares) \| shares	955,277
Granted (shares) \| shares	64,700
Vested (shares) \| shares	(6,950)
Forfeited (shares) \| shares	(31,074)
Unvested at end of period (shares) \| shares	981,953
Weighted Average Grant Date Fair Value (Per Share)
Unvested at beginning of period (usd per share) \| $ / shares	$ 52.85
Granted (usd per share) \| $ / shares	62.34
Vested (usd per share) \| $ / shares	62.35
Forfeited (usd per share) \| $ / shares	53.76
Unvested at end of period (usd per share) \| $ / shares	$ 53.38

STOCK PLANS - Narrative (Details)	3 Months Ended
STOCK PLANS - Narrative (Details)	Mar. 31, 2022 offeringPeriod $ / shares shares
Stock Incentive Plans
Weighted average fair value (in dollars per share) \| $ / shares	$ 27.71
Purchase price of common stock, ESPP (as a percent)	85.00%
Shares issued under employee stock purchase plan (in shares) \| shares	0
ESPP
Stock Incentive Plans
Number of offering periods for ESPP \| offeringPeriod	2
ESPP purchasing period	6 months

STOCK PLANS - Schedule of Valuation Assumptions (Details) - Employee Stock Option	3 Months Ended
	Mar. 31, 2022
Stock Incentive Plans
Expected dividend yield (as a percent)	0.00%
Risk free interest rate (as a percent)	1.44%
Expected volatility (as a percent)	48.55%
Expected term of options (in years)	5 years 3 months 18 days

NET INCOME (LOSS) PER SHARE - Schedule of Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income	$ 6,828	$ 10,369
Denominator:
Weighted average common shares outstanding - basic (in shares)	44,869	43,833
Computation of diluted securities:
Dilutive effect of conversion premium on the 2022 Notes (in shares)	0	152
Weighted average number of shares outstanding - diluted (in shares)	46,438	45,966
Net income per share:
Basic net income per common share (in USD per share)	$ 0.15	$ 0.24
Diluted net income per common share (in USD per share)	$ 0.15	$ 0.23
Employee Stock Option
Computation of diluted securities:
Dilutive effect of share based compensation arrangements (in shares)	1,195	1,507
Restricted Stock Units (RSUs)
Computation of diluted securities:
Dilutive effect of share based compensation arrangements (in shares)	373	470
ESPP
Computation of diluted securities:
Dilutive effect of share based compensation arrangements (in shares)	1	4

NET INCOME (LOSS) PER SHARE - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
EARNINGS PER SHARE
Total	9,779	892
Employee Stock Option
EARNINGS PER SHARE
Total	1,762	890
Restricted Stock Units (RSUs)
EARNINGS PER SHARE
Total	17	2
Convertible senior notes
EARNINGS PER SHARE
Total	8,000	0

INCOME TAXES - Schedule of Federal, State and Local, and Foreign Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income (loss) before income taxes:
Domestic	$ 6,582	$ 15,933
Foreign	712	(3,209)
Income before income taxes	$ 7,294	$ 12,724

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ (466)	$ (2,355)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

ACQUISITION–RELATED CHARGES, PRODUCT DISCONTINUATION AND OTHER - Product Discontinuance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]
Severance-related expenses	$ 3,115	$ 0
Total acquisition-related charges	5,408	0
Contingent consideration	1,071	1,127
Total acquisition-related charges, product discontinuation and other	4,337	1,873
Nuance Biotech Co. Ltd.
Restructuring Cost and Reserve [Line Items]
Nuance Biotech Co. Ltd. agreement dissolution costs	0	3,000
Flexion
Restructuring Cost and Reserve [Line Items]
Contingent consideration	(794)	0
Myoscience Acquisition
Restructuring Cost and Reserve [Line Items]
Contingent consideration	(277)	(1,127)
Acquisition Related Fees
Restructuring Cost and Reserve [Line Items]
Acquisition-related costs	1,845	0
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Acquisition-related costs	$ 448	$ 0

ACQUISITION–RELATED CHARGES, PRODUCT DISCONTINUATION AND OTHER - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Nov. 19, 2021	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Changes in contingent consideration			$ (1,071)	$ (1,127)
Nuance Biotech Co. Ltd.
Business Acquisition [Line Items]
Estimated settlement fees				3,000
Flexion Acquisition
Business Acquisition [Line Items]
Changes in contingent consideration	$ 45,200	$ 1,200	(800)
Flexion Acquisition \| Legal Fees
Business Acquisition [Line Items]
Acquisition-related costs			5,400
Myoscience Acquisition
Business Acquisition [Line Items]
Changes in contingent consideration			$ 277	$ 1,127

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	1 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Oct. 31, 2020 USD ($)
Fortis
Loss Contingencies [Line Items]
Loss contingency, damages sought	$ 30.0