Friday, drug manufacturer Skyepharma Plc (SKP.L, SKYE) said it has signed deals with Switzerland-based Novartis Pharma AG (NVS) and a subcontractor on the immediate termination of contracts relating formoterol Certihaler, resulting in a settlement gain to SkyePharma.
The exceptional gain of nearly £5 million would reflect in SkyePharma's 2009 accounts, leading to a net cash benefit of a similar amount in the second half of the year.
The deals follow the decision announced in December 2008 to not to proceed with US commercialisation of formoterol Certihaler.
The discussions on commercialising formoterol Certihaler with a third party ceased, as the Joint Advisory Committees of the US Food and Drug Administration reported that the benefits of long-acting beta2-agonists when administered alone did not outweigh the risks in current asthma indications.
Following the termination process, London-based SkyePharma retains exclusive rights for the SkyeHaler device, used in formoterol Certihaler. SkyeHaler is a multi-dose reservoir device suitable for acute and chronic therapies with a dose counter and an end of life lock out mechanism. The device was approved in December 2006 in the U.S. for use as a multi-dose dry powder inhaler.
The termination of production led to an exceptional charge of £5.9 million in Skyepharma's 2008 accounts, mainly related to asset write-downs.
SkyePharma stated that it is seeking other potential applications for its proprietary SkyeHaler dry powder inhaler.
SKP closed Thursday's regular trading at 114.70 pence per share, up 0.17%, on the London Stock Exchange.
SKYE closed Tuesday's regular trading at US$25.55 per share on the Nasdaq.
NVS closed Thursday's regular trading at US$42.00 per share on the New York Stock Exchange.
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