SkyePharma to raise up to L112.1 million

Drug delivery company SkyePharma plc (LSE:SKP) proposed to raise up to L112.1 million ($186.5 million) through the sale of 58.7 million shares at 191p in a placing and open offer. The price is a 5% discount to SkyePharma's close of 201.5p on Friday, the last trading day before the company proposed the offering. Shareholders are eligible to purchase 11 shares for every nine shares held in the open offer. SkyePharma said it will use the majority of the proceeds to repay and redeem early outstanding bonds. The offering is subject to shareholder approval at an April 25 general meeting.

Separately on Monday, SkyePharma reported 2013 revenues of L62.6 million ($104.2 million), up 25% from L49.9 million in 2012. The company said the jump was primarily due to growth of asthma product Flutiform fluticasone/formoterol, which is marketed in Europe and Japan. Flutiform is a fixed-dose combination of formoterol, a long-acting adrenergic receptor beta 2 agonist (LABA), and fluticasone, an inhaled corticosteroid, delivered via a hydrofluoroalkane metered-dose inhaler. ...