Barclays analyst Douglas Tsao believes Pacira Pharmaceuticals' (PCRX) co-promote agreement with Johnson & Johnson's (JNJ) DePuy Synthes "speaks to the attractiveness" of Exparel and will allow Pacira to focus on high-growth soft-tissue applications. The deal terms do not preclude strategic alternatives down the road, Tsao tells investors in a research note while pointing out that last night's announcement received a mixed reception. He expects renewed sales growth to drive Pacira's value and sees improved visibility for the company to double sales from current levels over the next 12 months. Tsao has an Overweight rating on Pacira with a $50 price target.