Skye Pharma publishes timetable for injectables divestment

Skye Pharma has this week published a circular containing a timetable for the proposed divestment of its injectable business unit to select institutional investors.

The document, posted today to shareholders of Skye Pharma, will soon be made available to the UK Listing Authority’s Document Viewing Facility of the Financial Services Industry for inspection.

“The circular includes a notice convening an extraordinary general meeting to be held on February 8th 2007 ? at which resolutions will be proposed, inter alia, to approve the disposal and the issue of shares under the placing,” the company reports.

Other items included on the timetable include the final date for the receipt of forms of proxy on February 6th, with the expected date of the completion of the disposal being February 9th.

The forecast date for the placing of shares being admitted following the disposal is February 12th.

Last week, Skye Pharma announced its intention to sell its injectable business to Blue Acquisition in a deal potentially worth in the region of $82 million (41. 9 million pounds).

Additionally, the company stated it would place 61.2 million shares to institutional shareholders at a price of 24.5p per share.