SkyePharma Expands In USA; Offers $56 Million For DepoTech
SkyePharma of the UK has announced plans to further increase itsprofile in the USA by buying Depo-Tech Corp. The company says it is planning to offer approximately 2.7 million of its American Depositary Shares at a ratio of 1.86 ADS for 10 DepoTech shares.
SkyePharma says that the offer would value DepoTech at $30.6 million or $1.75 per share, and up to a further $25.6 million may be payable depending on certain milestones being met by the US firm.
Independently of the proposed deal, SkyePharma has already invested $5 million in DepoTech as part of a strategic collaboration to jointly develop drug delivery technologies using the San Diego-headquartered firm's lipid-based systems, giving SkyePharma a 16% stake in DepoTech. The latter's board of directors has agreed to recommend the deal to its shareholders, and if completed, one of its directors will be invited onto Skye-Pharma's board.
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