SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a - 16 OR 15d - 16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2006
SkyePharma PLC
SkyePharma PLC, 105 Piccadilly, London W1J 7NJ England
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _______
For Immediate Release 21 April, 2006
SkyePharma PLC
SkyePharma and Endo Agree to Terminate Joint
Development of Propofol IDD-D™ for North America
LONDON, ENGLAND, 21 April, 2006 -- SkyePharma PLC (LSE: SKP;
Nasdaq:SKYE)announces today that it has agreed with its North American partner
Endo Pharmaceuticals ("Endo", Nasdaq: ENDP) to terminate the joint development
of Propofol IDD-D™, an injectable anaesthetic and sedative that was
licensedto Endo in December 2002. SkyePharma is evaluating its options worldwide
for this product, which remains under strategic review.
Propofol is a widely-used intravenous anaesthetic and sedative, supplied as a 1%
injectable emulsion. It is used for induction of short-term anaesthesia
(typically 30-60 minutes) or as an infusion for sedation. Propofol IDD-D™
is a 2% intravenous formulation of propofol as the sole active ingredient and
employs SkyePharma's patented Insoluble Drug Delivery (IDD-D™) technology.
Propofol IDD-D™ was designed to avoid the need for incorporation of a
preservative to prevent microbial contamination. The product successfully
completed Phase II trials in 2004.
Under the terms of the December 2002 agreement with Endo, SkyePharma would have
been responsible for the cost of Phase III development for Propofol IDD-D™
(estimated to be up to $30 million) but could have received up to $45 million in
additional milestone payments from Endo if the product had been approved by the
US Food & Drug Administration with a label meeting certain predetermined
criteria and also a share of Endo's sales of Propofol IDD-D™ that could
have varied between 30% and 60% (out of which SkyePharma would have paid for
manufacturing costs).
SkyePharma's agreement with Endo over DepoDur™, the sustained release
injectable version of morphine for control of post-operative pain, is unaffected
by the termination of the joint development of Propofol IDD-D™.
For further information please contact:
SkyePharma PLC +44 207 491 1777
Frank Condella, Chief Executive Officer
Peter Laing, Director of Corporate Communications +44 207 491 5124
Sandra Haughton, US Investor Relations +1 212 753 5780
Buchanan Communications +44 207 466 5000
Tim Anderson / Mark Court
Notes for editors
About SkyePharma
SkyePharma PLC develops pharmaceutical products benefiting from world-leading
drug delivery technologies that provide easier-to-use and more effective drug
formulations. There are now twelve approved products incorporating SkyePharma's
technologies in the areas of oral, injectable, inhaled and topical delivery,
supported by advanced solubilisation capabilities. For more information, visit
www.skyepharma.com.
Certain statements in this news release are forward-looking statements and are
made in reliance on the safe harbour provisions of the U.S. Private Securities
Litigation Act of 1995. Although SkyePharma believes that the expectations
reflected in these forward-looking statements are reasonable, it can give no
assurance that these expectations will materialize. Because the expectations are
subject to risks and uncertainties, actual results may vary significantly from
those expressed or implied by the forward-looking statements based upon a number
of factors, which are described in SkyePharma's 20-F and other documents on file
with the SEC. Factors that could cause differences between actual results and
those implied by the forward-looking statements contained in this news release
include, without limitation, risks related to the development of new products,
risks related to obtaining and maintaining regulatory approval for existing, new
or expanded indications of existing and new products, risks related to
SkyePharma's ability to manufacture products on a large scale or at all, risks
related to SkyePharma's and its marketing partners' ability to market products
on a large scale to maintain or expand market share in the face of changes in
customer requirements, competition and technological change, risks related to
regulatory compliance, the risk of product liability claims, risks related to
the ownership and use of intellectual property, and risks related to
SkyePharma's ability to manage growth. SkyePharma undertakes no obligation to
revise or update any such forward-looking statement to reflect events or
circumstances after the date of this release.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SkyePharma PLC
By: /s/ Douglas Parkhill
Name: Douglas Parkhill
Title:
Company Secretary
Date: April 21, 2006