SkyePharma has received a milestone payment of $10 million from Pacira Pharmaceuticals, following the launch of Exparel in the U.S. Exparel's NDA was approved by the FDA on October 31, 2011.
Under the terms of the sale of SkyePharma’s former injectable business, now called Pacira Pharmaceuticals, Inc, SkyePharma is also entitled to receive further contingent milestone payments of as much as $52 million, as well as 3% of net sales of Exparel in the U.S., Japan, UK, France, Germany, Italy and Spain.
Exparel is indicated for administration into the surgical site to produce postsurgical analgesia. The product combines bupivacaine with DepoFoam, a product delivery technology that delivers medication over a desired time period. According to a SkyePharma statement, Exparel represents the first and only multivesicular liposome local anaesthetic that can be utilized in the peri- or postsurgical setting in the same fashion as current local anaesthetics.
Peter Grant, chief executive officer of SkyePharma, commented, “We are pleased that Pacira has launched Exparel in the U.S., triggering a milestone payment to SkyePharma of $10 million. Pacira has a large sales force in place aimed at gaining good traction for Exparel in the U.S. as a new option in the control of pain during and after surgery.”
SkyePharma Earns Pacira Milestone
By Gil Roth
Published April 20, 2012
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