Pacira Enters Agreement with LG Chem to Expand EXPAREL Market
Pacira BioSciences announced it has entered into an agreement with LG Chem designed to expand access to opioid-sparing postsurgical pain control for patients in select Asian-Pacific markets. Through this partnership, LG Chem has the exclusive rights to commercialize EXPAREL. "We are excited to launch this key regional partnership that significantly expands patient access to opioid-sparing pain management and advances our 5x30 strategy. LG Chem is an established leader in pain management with a proven track record of delivering orthopedic pain solutions to patients across Asia," said Frank D. Lee, chief executive officer of Pacira BioSciences. "By leveraging LG Chem's decades of experience in the orthopedic and surgical markets, we will greatly broaden the availability of EXPAREL in a part of the world where there is a significant unmet need for long-acting postsurgical pain control and enhanced recovery." Under the terms of the agreement, Pacira will receive an undisclosed upfront payment, a transfer price, and tiered royalties on future commercial sales by LG Chem in licensed territories. Pacira will manufacture EXPAREL. LG Chem will be responsible for securing regulatory approvals in the licensed territories and plans to file for marketing authorizations in South Korea and Thailand within the next six months.
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Pacira BioSciences Partners with LG Chem to Expand Access to EXPAREL in Asia-Pacific Markets
- Market Expansion Partnership: Pacira BioSciences has entered into an agreement with LG Chem, granting exclusive rights to commercialize EXPAREL in Asia-Pacific markets, aiming to enhance patient access to opioid-sparing postsurgical pain management, aligning with global trends to reduce opioid dependency.
- Financial Benefit Structure: Under the terms of the deal, Pacira will receive an undisclosed upfront payment, a transfer price, and tiered royalties on future commercial sales by LG Chem, providing a stable revenue stream and enhancing financial flexibility for Pacira.
- Market Authorization Plans: LG Chem intends to file for marketing authorizations for EXPAREL in South Korea and Thailand within the next six months, a move that will not only expedite product availability but also strengthen Pacira's market position in the Asia-Pacific region.
- Stock Market Reaction: Following the announcement, Pacira's stock price rose by 0.87% to $23.13 in pre-market trading on Nasdaq, reflecting positive market sentiment towards the partnership and potentially driving future growth prospects for the company.
