SkyePharma gets L35M loan, but at punitive rate, to finance Flutiform
UK-based SkyePharma has finalized a L35.0 million ($68.3 million) financing agreement from an unnamed Irish lender. However, the loan pays an interest of 5.85% above US and euro base lending rates, which is seen as punitive. The funds will be used for the further development of its asthma product Flutiform (a fixed-dose combination of formoterol and fluticasone) and provide funds for general working capital, pending the potential sale of SkyePharma's injectable division, which is expected to raise up to L110.0 million. The news, on December 27, 2006, pushed the stock 1.9% higher to 27.25 pence.
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