Vectura : US$8 million Exparel® sales milestone from Pacira triggered

August 05, 2016 at 8:48 AM

Chippenham, UK - 5 August 2016: Vectura Group plc (LSE: VEC) ('Vectura', 'the Group'), an industry-leading inhaled airways disease focused business, announces that a sales milestone receipt of US$8 million (circa £6.0 million) has been triggered following confirmation by Pacira Pharmaceuticals, Inc. ('Pacira') that worldwide annual net sales of EXPAREL (on a cash received basis) to 30 June 2016 were above US$250 million.

On 4 August 2016 Pacira announced net sales of EXPAREL of US$65.8 million in Q2 2016, an increase of 15 percent compared with the first quarter of 2015. The company also confirmed that preparations in support of the launch of EXPARELin oral surgery in September 2016 are on track.

James Ward-Lilley, Vectura's CEO commented:

'We are pleased to see the continued evolution of sales for EXPAREL triggering this milestone payment to Vectura. The merger with Skyepharma added to the Group's strongly-growing revenue streams of on-market products. This announcement confirms the additional anticipated milestone revenue for this financial year alongside the 3% share of sales of EXPAREL that the Group receives.'

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About Exparel

Following its merger with Skyepharma PLC which was completed on 10 June 2016, the Group is entitled to receive three per cent of net sales of EXPAREL (based on cash received by Pacira) in the United States, Japan, United Kingdom, France, Germany, Italy and Spain until the expiry of certain patents. The Group is also eligible to receive a sales milestone of US$32 million when worldwide annual net sales of the product reach US$500 million (on a cash received basis). In addition, whilst currently the product is only launched in the US, the Group is also entitled to a milestone of US$4 million if EXPAREL is launched in a major European market.

EXPAREL (bupivacaine liposome injectable suspension) is currently indicated for single-dose infiltration into the surgical site to produce postsurgical analgesia. The product combines bupivacaine with DepoFoam, a proven product delivery technology that delivers medication over a desired time period. EXPAREL represents the first and only multivesicular liposome local anaesthetic that can be utilised in the peri- or postsurgical setting. By utilising the DepoFoam platform, a single dose of EXPAREL delivers bupivacaine over time, providing significant reductions in cumulative pain score with up to a 45 percent decrease in opioid consumption; the clinical benefit of the opioid reduction was not demonstrated.

About Vectura

Vectura, a FTSE250 company listed on the London Stock Exchange (LSE: VEC), is an industry-leading inhaled airways disease focused business with proprietary formulation and devices across DPI, pMDI and smart nebulisation platforms. With our extensive range of technologies, capabilities and collaborations, we believe we can become a leader in the development of inhalation products, increasing our ability to help patients suffering from respiratory diseases. In June 2016 Vectura completed a merger with Skyepharma PLC.

Vectura has seven inhaled, four non-inhaled and ten oral products marketed by partners with growing global royalty streams, and a portfolio of drugs in clinical development, a number of which have licence agreements with several global pharmaceutical and biotechnology companies including Hikma, Novartis, Sandoz, Mundipharma, Kyorin, Baxter, GSK, UCB, Ablynx, Grifols, Chiesi, Almirall, Janssen, and Tianjin KingYork.

For further information, please visit Vectura's website at www.vectura.com.

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Forward-looking statements

This press release contains forward-looking statements, including statements about the discovery, development and commercialisation of products. Various risks may cause Vectura's actual results to differ materially from those expressed or implied by the forward-looking statements, including: adverse results in clinical development programmes; failure to obtain patent protection for inventions; commercial limitations imposed by patents owned or controlled by third parties; dependence upon strategic alliance partners to develop and commercialise products and services; difficulties or delays in obtaining regulatory approvals to market products and services resulting from development efforts; the requirement for substantial funding to conduct research and development and to expand commercialisation activities; and product initiatives by competitors. As a result of these factors, prospective investors are cautioned not to rely on any forward-looking statements. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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