SkyePharma: Abbott acquisition is good news

Following the recent announcement made by pharmaceutical company Abbott that it is to acquire Kos Pharmaceuticals, SkyePharma has described the move as a “positive” step in the development of asthma treatment, Flutiform.

Kos Pharmaceuticals has been granted a licence to develop the product, which is used to treat asthma and chronic obstructive pulmonary disease, by SkyePharma.

Commenting on the acquisition, Frank Condella, chief executive officer of SkyPharma, said that the deal was a “positive development” for the overall advancement of the treatment.

“Abbott brings additional size and marketing strength in the primary care area, which compliments the specific expertise Kos has in inhalation therapies,” he remarked.

According to Abbott, in addition to capitalising upon the products currently marketed by Kos, the deal will provide a greater share and presence within the $10 billion (5.25 billion pounds) asthma market.

The agreement between the two firms is reported to be worth $3.7 billion (1.94 billion pounds) or $78 (40.96 pounds) per share and also offers Abbott access to the $20 billion (10.50 billion pounds) lipid management market.