SkyePharma Announces Issuance of Contingent Payment Trigger to Former DepoTech Shareholders
- Development Contract Signed With Amgen -
LONDON, April 4 /PRNewswire/ -- SkyePharma PLC (Nasdaq: SKYE; LSE:SKP), announced today that with the signing of a Contract with Amgen, the final contingent payment to former DepoTech shareholders had been triggered. Under the terms of the acquisition agreement of DepoTech by SkyePharma PLC completed in March 1999, provision was made for an additional 0.79 SkyePharma ADS for each 10 shares of DepoTech Common Stock to be payable if before March 31st 2000, certain milestones were triggered in relation to DepoTech's DepoFoam technology.
The items of the contract with Amgen are confidential, however SkyePharma confirmed that it utilises its DepoFoam sustained release injectable delivery technology. As a result 12.1 million new ordinary shares or 1.21 million new ADS's will be issued. At the closing price of 1.10 Pounds Sterling on 31st March 2000, the total value of the contingent payment is 13.3 million Pounds.
Michael Ashton, Chief Executive Officer of SkyePharma said: "We continue to be delighted with our acquisition of DepoTech and to be working with Amgen. We are pleased for DepoTech shareholders that they have been able to receive this additional consideration for their Company."
SkyePharma PLC, one of the world's leading drug delivery companies, develops and manufactures advanced drug delivery solutions. Its technologies include oral controlled release, injectable, inhalation and topical systems. For company information, visit SkyePharma on the World Wide Web at skyepharma.com This press release may contain forward-looking statements regarding SkyePharma PLC. Actual results may differ materially from those described in the press release as a result of a number of factors, including but not limited to the following: There can be no assurance that any product in the SkyePharma product pipeline will be successfully developed or manufactured, or that final results of human clinical trials will result in the regulatory approvals required to market products, or that final regulatory approval will be received in a timely manner, if at all, or that patient and physician acceptance of these products will be achieved. The Company undertakes no obligation to revise or update any such forward-looking statement to reflect events or circumstances after the date of this release.
SOURCE: SkyePharma PLC |
