In a research note titled "Just Because it Didn't Get Bought Doesn't Mean the DePuy Deal Isn't a Good One," H.C. Wainwright analyst Corey Davis says Pacira Pharmaceuticals' (PCRX) partnership deal with Johnson & Johnson's (JNJ) DePuy Synthes has "extremely positive" implications for Exparel sales. Pacira's sales force can now focus on soft tissue applications of Exparel and on anesthesiologists once the nerve block indication is approved in early 2018, Davis tells investors. The analyst finds it telling that DePuy approached Pacira and was willing to sign the deal weeks ahead of the results from the still blinded PILLAR study. Should Exparel sales ramp in 2018, Davis sees a "much higher likelihood" that J&J would be willing to pay what Pacira believes is the true value for Exparel. The analyst has a Buy rating on Pacira with a $48 price target.