Pacira secures pain drug patent deal until 2030; shares up

Shares of drugmaker Pacira BioSciences PCRX.O rise 15% to $26.35 in extended trading

PCRX says it has settled patent lawsuit with Fresenius Kabi over co's lead drug, Exparel

Exparel is a drug that provides extended pain relief for up to 72 hours after a surgery

Fresenius can sell limited amounts of generic Exparel starting early 2030

The agreement allows Fresenius to sell without volume restrictions beginning in 2039 in the U.S.

Brokerage Jefferies says it believes that the settlement is the "key to unlocking a re-rate in the multiple" and expects the co's revenue growth to "accelerate" with the removal of litigation overhang

As of last close, stock up 21.6% YTD