Jefferies analyst David Steinberg ponders if a possible takeover of Pacira Pharmaceuticals (PCRX) is now off the table following the company's co-promotional agreement with Johnson & Johnson (JNJ) unit DePuy Synthes. Pending further details, we don't know if J&J has right of first refusal in the event of a potential acquisition scenario, Steinberg tells investors in a research note. He points out that in most situations where there is a potential change in control, the partnership/licensing arrangement reverts back to the originator. The analyst believes the orthopedics collaboration could drive stronger sales growth for Pacira's Exparel. Steinberg keeps a Buy rating on the shares with a $53 price target.