SkyePharma sells injectable unit, raises L14.8 million
Drug delivery company SkyePharma (LSE:SKP; SKYE) completed the previously announced sale of its injectable business to Blue Acquisition Corp. for $20 million in cash. SKP is eligible for $62 million in milestones plus sales-related payments. The injectable business includes marketed products DepoCyt cytarabine for lymphomatous meningitis and DepoDur morphine to treat post-surgical pain. It also includes drug delivery platforms DepoFoam and Biospheres (See BioCentury Extra, Tuesday, Jan. 09, 2007).
In connection with the divestment, Paul Capital Healthcare restructured its agreements with SKP. Paul converted its royalty participation in 14 of SKP's marketed and pipeline products into a $92.5 million note due in 2016, which is secured by the royalties of the SKP products. Paul Capital is eligible for up to $12.5 million in additional payments linked to future sales of DepoDur. ...