Vernalis and Tris Pharma Announce Collaboration

10 February 2012

LSE:VER

Vernalis and Tris Pharma announce collaboration to develop and commercialize novel products for the US prescription cough/cold market

Vernalis plc (Vernalis), a UK development stage pharmaceutical company listed on the London Stock Exchange (LSE:VER) and Tris Pharma Inc (Tris) a privately held US specialty pharmaceutical company based in Monmouth Junction, New Jersey, today announce an exclusive licensing agreement to develop and commercialize multiple novel products focused on the US prescription cough/cold market.

Under the terms of the agreement Tris, using its proprietary technology, will develop, on behalf of Vernalis, up to six New Drug Applications (NDAs). Tris will undertake and fund the development work and Vernalis will pay development milestones to Tris on each product as they successfully progress through clinical development. Vernalis will acquire and then commercialize these products on approval in the US and pay a sales-based royalty to Tris.

Ian Garland, CEO of Vernalis commented "I am exceptionally pleased to be able to announce this collaboration with Tris today. This transaction is fundamental in transitioning Vernalis into a diversified and self-sustaining pharmaceutical company. The US cough/cold prescription market is a market that we know extremely well and Tris is a uniquely positioned development partner, with proven capabilities validated by multiple NDA approvals."

Ketan Mehta, CEO of Tris added "The US cough and cold market has been ripe for innovation and when you consider that market research shows most adults prefer long lasting relief in the form of a liquid, rather than solid dose, our technology is well positioned to address this market. We are delighted to partner with Vernalis as they have shown unique understanding of this space in the marketplace."

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About Vernalis

Vernalis is a revenue generating development stage pharmaceutical company with significant expertise in drug development. The Group has one marketed product, frovatriptan for the acute treatment of migraine, and eight candidates in development, seven of which are designated priority programmes. Four of these priority development programmes are currently unpartnered and three are partnered. Pipeline programmes are derived from both our own research activities where we have significant expertise in fragment and structure based drug discovery, as well as from collaborations. Our technologies, capabilities and products are endorsed by collaborations with Endo, Genentech, GSK, Lundbeck, Menarini, Novartis and Servier.

For further information about Vernalis, please visit www.vernalis.com

About Tris Pharma IncTris Pharma is a specialty pharmaceutical company focused on the research and development of drug delivery technologies based products. Tris has pioneered the delivery of sustained release in the liquid, chewable/ODT and strip dosage forms so patients do not have to swallow a pill. Tris' Nobuse platform provides abuse-deterrence for opioids and other abuse-prone drugs. Tris' R&D and manufacturing facilities are located in Monmouth Junction, New Jersey.

For further information about Tris, please visit www.trispharma.com

Vernalis Forward-Looking Statement

This news release may contain forward-looking statements that reflect the Company's current expectations regarding future events including the clinical development and regulatory clearance of the Company's products, the Company's ability to find partners for the development and commercialisation of its products, as well as the Company's future capital raising activities. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including the success of the Company's research strategies, the applicability of the discoveries made therein, the successful and timely completion of clinical studies, the uncertainties related to the regulatory process, the ability of the Company to identify and agree beneficial terms with suitable partners for the commercialisation and/or development of its products, as well as the achievement of expected synergies from such transactions, the acceptance of frovatriptan and other products by consumers and medical professionals, the successful integration of completed mergers and acquisitions and achievement of expected synergies from such transactions, and the ability of the Company to identify and consummate suitable strategic and business combination transactions.