Skyepharma revenues were up 25% in 2013, the company said, in large part due to increased sales of its Flutiform fluticasone/formoterol MDI. The company also announced that it will seek to raise £112 million through a firm placing and a placing and open offer of over 58,680,000 ordinary shares at a price of 191 pence.
Skyepharma CEO Peter Grant commented, “2013 was another year of increasing momentum for Skyepharma. We saw further launches in major markets of our key product, Flutiform, along with a number of approvals and a growth in sales of existing products. The approval of GSK’s Relvar Ellipta/Breo Ellipta and Anoro Ellipta, which utilize one of Skyepharma’s dry powder inhalation technologies licensed to GSK, gives the group potential income of up to £9m per annum for the life of the patents. It also brings the total number of products launched or approved in major markets to seven over the past two years from which the group is eligible for revenues under long-term agreements. The combination of further launches and product approvals and the planned reduction of debt through the proposed capital raise significantly improves the Group’s outlook and sets the stage for further growth.”
The offer of new shares must be approved at Skyepharma’s upcoming general meeting on April 25, 2014. According to the company, most of the money raised by the share offer will be used to pay off bond debt, and the remainder will be used for “general corporate purposes.”
Read the Skyepharma press release on financial results.
Read the Skyepharma press release on the stock offering.
