Pacira and SkyePharma leap as FDA approves painkiller Exparel

New Jersey, USA-based Pacira Pharmaceuticals (Nasdaq: PCRX) and UK drugmaker SkyePharma (LSE: SKP) both saw their shares prices rocket, after revealing that the US Food and Drug Administration had approved  Exparel (bupivacaine liposome injectable suspension) for administration into the surgical site to produce postsurgical analgesia. It is expected that Exparel may limit the use of opioids in post-operative setting.

Shares of Pacira, which also reiterated its 2011 revenue guidance, jumped 18.5% at $12.06 in premarket trading. Through Friday's close the stock is up 45% from its February initial public offering price of $7 each, noted the Wall Street Journal. SkyePharma's stock leapt nearly 25% to 61.13 pence.

Milestones for SkyePharma