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Home Industry News SkyePharma disposes of injectable business

SkyePharma disposes of injectable business

28th March 2007

SkyePharma has announced that it has completed the disposal of its injectable business. Following this announcement, the company notes that its placing of new ordinary shares is no longer conditional.

It is forecast that this placing will raise 14.8 million pounds for the company, with dealings in these shares starting earlier this week.

The firm notes that this divestment is the final stage in the firm’s financial restructuring programme announced in January 2007, with SkyePharma now focused on the development of its Flutiform (fluticasone/formoterol) inhalation treatment, currently in phase III clinical development, to drive organic growth.

Frank Condella, chief executive of SkyePharma said: “The completion of the disposal has removed the cash burn attributable to the injectable business and has significantly strengthened the company’s balance sheet and cash flows.”

He added that the company would now concentrate entirely on its research and development pipeline for orally-administered and inhaled products and look to exploit its abilities in drug delivery.

In January 2007, SkyePharma announced that it was proposing to divest its injectables business to Blue Acquisition for a sum that could exceed 47.2 million pounds, dependent on future royalties and the attainment of development milestones.

The company had previously set out the disposal of its injectable business as a strategic target at the start of 2006.

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