Pacira Announces EXPAREL Distribution Agreement with Eurofarma in Latin America
PARSIPPANY, N.J., June 22, 2021 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its commitment to non-opioid pain management and regenerative health solutions, today announced that it has entered into a distribution agreement with Eurofarma Laboratories S.A. (Eurofarma) for the development and commercialization of EXPAREL® (bupivacaine liposome injectable suspension) in Latin America.
“Through this distribution agreement with Eurofarma, Pacira is significantly expanding its global footprint in one of the fastest growing international markets. This partnership is a key achievement in our global expansion strategy and supports our mission to bring EXPAREL to patients around the world who are in need of a safe and effective opioid alternative for managing postsurgical pain and reducing length of stay,” said Max Reinhardt, president ROW for Pacira BioSciences. “The Eurofarma team has considerable experience introducing and marketing innovative medical products throughout Latin America and we are confident they will be an ideal partner in this region.”
“This new partnership reflects the tireless work to improve the patient surgical experience and to reduce reliance on opioids in Latin America. By partnering with Pacira, Eurofarma benefits from access to the best-in-class asset in postsurgical pain,” says Martha Penna, vice president of innovation at Eurofarma.
Under the terms of the agreement, Eurofarma obtains the exclusive right to market and distribute EXPAREL in 19 countries in Latin America, including Argentina, Brazil, Colombia, and Mexico. In addition, Eurofarma will be responsible for regulatory filings for EXPAREL in these countries. Pacira will receive royalties based on Eurofarma’s future commercialization of the product and is also eligible to receive milestones payments that are triggered by the achievement of certain regulatory and commercial events.
Jones Day is acting as legal advisor to Pacira in connection with the transaction.
About Pacira BioSciences
Pacira BioSciences, Inc. (Nasdaq: PCRX) is the industry leader in its commitment to non-opioid pain management and regenerative health solutions to improve patients’ journeys along the neural pain pathway. The company’s long-acting local analgesic, EXPAREL® (bupivacaine liposome injectable suspension) was commercially launched in the United States in April 2012. EXPAREL utilizes DepoFoam®, a unique and proprietary product delivery technology that encapsulates drugs without altering their molecular structure, and releases them over a desired period of time. In April 2019, Pacira acquired the iovera° system, a handheld cryoanalgesia device used to deliver precise, controlled doses of cold temperature only to targeted nerves. To learn more about Pacira, including the corporate mission to reduce overreliance on opioids, visit www.pacira.com.
About Eurofarma Group
The Eurofarma Group has been operating in the pharmaceutical industry since its establishment in Brazil in 1972, producing and marketing innovative healthcare products and services to improve patient’s quality of life. Eurofarma is a diversified company with leading operations in segment of Prescription Drug and growing participation on the segments of Oncology, Hospital-based therapeutics, among others. Eurofarma has adopted a dual growth strategy of in-licensing of innovative brands and geographic expansion in Latin America.
The Eurofarma Group has operations in 20 countries with an industrial park in Brazil and plants in six Latin American countries. The Group employs over 7,600 staff across the continent.
Any statements in this press release about the company’s future expectations, plans, outlook, projections and prospects, and other statements containing the words “believes,” “anticipates,” “plans,” “estimates,” “expects,” “intends,” “may,” “will,” “would,” “could,” “can” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to: the impact of the worldwide COVID-19 (Coronavirus) pandemic and related global economic conditions; the success of the company’s sales and manufacturing efforts in support of the commercialization of EXPAREL; the rate and degree of market acceptance of EXPAREL; the size and growth of the potential markets for EXPAREL and the company’s ability to serve those markets; the company’s plans to expand the use of EXPAREL to additional indications and opportunities, and the timing and success of any related clinical trials; the ability to realize anticipated benefits and synergies from the acquisition of MyoScience; the ability to successfully integrate iovera° and any other future acquisitions into the company’s existing business; the commercial success of iovera° and other factors discussed in the “Risk Factors” of the company’s most recent Annual Report on Form 10-K and in other filings that the company periodically makes with the SEC. In addition, the forward-looking statements included in this press release represent the company’s views as of the date of this press release. Important factors could cause actual results to differ materially from those indicated or implied by forward-looking statements, and as such the company anticipates that subsequent events and developments will cause its views to change. However, while the company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the company’s views as of any date subsequent to the date of this press release.
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