US-based Pacira BioSciences, Inc. has entered into an agreement with South Korea's LG Chem designed to expand access to opioid-sparing postsurgical pain control for patients in select Asia-Pacific markets.
Through this partnership, LG Chem has the exclusive rights to commercialise EXPAREL®(bupivacaine liposome injectable suspension), Pacira’s long-acting, local analgesic for postsurgical pain management in the region.
“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.”
“Current analgesics are constrained by short duration and limited efficacy, underscoring the market’s need for better postsurgical pain control,” said Inchul Hwang, Vice President and Head of Primary Care Business Unit of LG Chem Life Sciences. “We are delighted to join forces with Pacira and believe we are ideally suited to leverage our leadership in pain management to greatly expand patient access to EXPAREL. This partnership directly aligns with our commitment to advancing patient care through innovative product offerings.”
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 authorisations in South Korea and Thailand within the next six months.
