SkyePharma to sell injectable unit, raise L14.8 million

Drug delivery company SkyePharma (LSE:SKP; SKYE) agreed to sell its injectable business to Blue Acquisition Corp. for $20 million in cash. SKP also is eligible for $62 million in milestone payments 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. In 1H06, the division generated revenues of L3.9 million ($7.2 million) and posted an operating loss of L11.7 million ($21.6 million). The deal is expected to close next month. ...