Share Name Share Symbol Market Type Share ISIN Share Description
Skyepharma LSE:SKP London Ordinary Share GB00B3BFNB64 ORD 100P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 443.00 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 95.90 30.50 25.10 17.6 469
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 443.00 GBX

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Skyepharma (SKP) Discussions and Chat

Skyepharma Forums and Chat

Date Time Title Posts
10/6/201609:23Skyepharma - Charts & News21,695
05/9/201423:02INTENSIVE CARE - Skyepharma 2006 :13,297
22/8/201414:27SKP - doomed20
27/3/201111:53SKYEPHARMA- TECHNOLOGIES - Huge Potential 2005:17,789
08/12/200716:08INTENSIVE CRAP - Skyepharma 2006.21

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alexchry: Yes, cap160, I feel the same after over ten years invested in SKP. I lost a huge amount on this share over the early years and was nearly wiped out when it sank to 25p. Fortunately, I bought more at 70p and got almost an extra 10% by buying and selling when new shares were issued. I needed the share price to reach around £7 to move into profit but I am quite relieved that it's got as high as it has. I'm not sure how long I'll stick with Vectura but I am tempted to remain invested until SKP's COPD trial result is announced which must be due fairly soon. I may also wait until the result of the Vectura USA application is known which I think should be in just under a year's time. Assuming good results for both, my ideal scenario would be for the company to be taken over in a cash only bid, anything over £2.50 would put me in profit finally.
alexchry: Correction - June 28 is the first day of trading after the merger. Today are the various meetings to give the green light to the merger. I'm not sure of the significance of the court meeting on June 27, I'm assuming it's just a formality. I still can't understand why Vectura shares are worth more than SKP's shares although the SKP discount has narrowed. Besides the merger, there is a lot of news to come out of the two companies in the next nine months, in particular the results of the major COPD trial for SKP due soon and the result of the US drug application by Vectura which should be out very early next year. My break-even point on my SKP holding is now a little over £7 so, if the news over the next year is good, I might even move into profit, a state that a few years ago when SKP sank to around 25p seemed even more unlikely than Leicester City winning the Premiership!
alexchry: I have had my SKP shares for well over ten years and lost a considerable amount of money primarily because Flutiform didn't get USA approval which not only had a major impact on Flutiform but on other SKP developments. Had Flutiform been approved, I'm sure that I would have made a big profit. Earlier this year I was looking forward to some solid results and SKP announcing the success of the COPD trial and the confirmation of the new contract with Mundipharma. Hopefully, this would have led to the share price rising well above £5 at which time I would have cashed in most of my holding. I would still have lost some money but nothing too disastrous and a far cry from when SKP sunk to around 25p. The proposed merger between VEC and SKP has now muddied the waters. I have listened to the audio and read opinions in the press and it does seem that the merger makes sense. However, it seems a bit like groundhog day as VEC's great white hope is being put forward for approval in the USA, result due in about a year assuming that their application is approved. I'm not sure whether to cash in now before the verdict or wait in the hope of a major boost to the share price and hopefully a break even on my original investment. Any thoughts or advice welcome.
soundbuy: H/T FT AV Numis The union of Vectura and Skyepharma is one of the most complementary mergers in the UK healthcare sector. It will create a £1bn+ FTSE250 UK respiratory champion with strong, globally competitive technologies and capabilities across the entire spectrum of dry powder, smart nebuliser and now metered dose inhalers, making it the partner of choice in targeting the airways and allowing it to address 60% more of the $35bn global respiratory market than Vectura did on its own. We see the merger as a strategically and financially logical step-up for Vectura, with the combined company offering critical mass and attractive growth at a good price. We re-introduce our Buy recommendation with a 12-month target of 264p. ● In this 30-page note, we look at Skyepharma in some detail, focusing on Flutiform in particular. We see the prospect of it becoming a c.$500m drug as realistic, offering Vectura shareholders a growing, lower risk cash flow to diversify its higher risk prospects (VR315 and wholly owned FAVOLIR / SCIPE assets). ● The ongoing roll-out of Flutiform is set to transform the P&L with revenues and underlying EBITDA set to approximately double and then grow at 14% and 20% CAGR respectively to end FY2021. EPS CAGR is higher, at 33%. ● We see EPS accretion of 24% in year 1 (FY2017, 7% ROI), growing to c.60% over years 2-3 (FY2018-2019, double digit ROI), then falling to single digits as VR315 royalties come through and are spread over a higher share count. ● The deal washes its face on our risk-adjusted SOTP analysis (£470m vs £460m consideration and estimated costs). ● Our risk adjusted SOTP value is 14% diluted from our previous 271p target. The potential for platform synergies are not captured in this approach, which to date has attributed no terminal value to the assets. ● Skyepharma will bring in significant near-term cash-flows to give management a multitude of options to make the leap to self-commercialisation and build lasting sustainable enterprise value. The time feels right to switch to a multiple-based valuation. ● We see the increased size, liquidity and FTSE250 listing increasing awareness of Vectura's steep forecast trajectory. A rating relative to BTG feels appropriate. Applying a P/E in line with BTG of 24.7x (vs 29% risked EPS CAGR) our risked FY2020 EPS of 16.8p (fully taxed) and discounting back, we see a multiples based valuation of 294p. We blend this with our SOTP of 234p to derive our target price of 264p, reflecting the need to complete the transition to self commercialisation. ● On our initial projected consolidated EPS forecasts, Vectura's P/E drops to single digits by year 3 (FY2019), now driven mostly by Flutiform: a strong buy signal in our view. RBC Cap Mkts. Strategic rationale: Strategically, we see the deal enhancing Vectura’s capabilities (oral, pMDI and commercial manufacturing) but think the financial rationale is the main motive for the combination. Vectura has a larger pipeline but its partnered assets have only recently launched and its financial profile still less developed than SKP’s, which has a smaller pipeline but with key assets launched and delivering profit growth (FY15A EBITDA margin of 37.5%). Combined, we see the two offering a healthy pipeline of opportunities with a strong financial profile. Turbo charged financials: We choose not to update our forecasts (or valuation) until completion of the deal and instead provide a view on the combination below and within the note. The New Co will have an implied Mcap of £1.1bn and offer a revenue, EBITDA and EPS 3-year CAGR (FY17E-20E) of 31.7%, 41.3% and 32.1% respectively with a FCF yield of c10%. More importantly, the Group will become attactive on conventional multiple metrics, PE of 12.6x FY18E EPS (March YE) given the earnings ramp delivered by SKP. Valuation mixed: We think Vectura have paid a fair but full price for SKP which, when executed alongside recent share price weakness has magnified the potential dilution. That said, we acknowledge that acquisition targets that fit well rarely coincide with perfect market conditions. Our conventional valuation for Vectura (SoTP; DCF and rNPV) suggests fair value of New Co at c190p (down from 206p) once the deal completes. However, we think investors should focus on the New Co financial profile which shows the shares trading on an implied EV/EBITDA of sub 10x by FY18E and 12.6x FY18E EPS. Considering upcoming newsflow (VR315 in particular) alongside growth and cash generation metrics we believe a re-rating likely from these low levels given the growth on offer. Valuation: Given the risk associated with assets not yet approved by regulators or still in their launch phase we utilise a SoTP model; for partnered launched assets we utilise NPV analysis with a WACC rate of 7% (Vectura is net cash) and no terminal value beyond Vectura’s patent protection. For partnered pipeline assets we use risk-adjusted NPVs with a discount rate of 10%, standard industry associated risk adjustments and no terminal value beyond Vectura’s patent protection on the products. For wholly owned pipeline assets we also use a rNPV (again a discount rate of 10% and standard risk adjustments) but apply a terminal with a growth rate of -2.5%. This provides our price target of 205p and our Outperform rating, although near term newsflow on VR315 in the US and on both Utibron & Seebri assets (also US) may drive our valuation towards 230p. We have not updated our forecasts or valuation for the SKP merger, but provide sensitivity analysis to our forecasts and valuation within. Price target impediments: We see two key impediments to our price target and rating: 1. VR315 – The launch of VR315 in the US is arguably the most important launch from Vectura’s pipeline over the coming months. A generic of Advair (aka Seretide) we anticipate the product being directly substitutable and, with only one competitor (Mylan) in the short term we have modelled only partial price erosion. If this launch is delayed then this would erode an estimated c7p for each 6 month delay and we see downside risk as capped at c.50p to our valuation if the product fails to launch altogether. 2. Utibron & Seebri – Whilst we believe Novartis is unlikely to shelve these assets in the US, it could find a commercial partner given the cost of launching and as the market becomes more competitive. We see downside risk of c.20p to our valuation if the assets are not launched in the US.
debbie_does_dallas_twice: No Sten. We are actually trading under the effective offer price by 18p right now. It is all dependent on the VEC share price, the offer is 2.29 VEC shares per 1 SKP share. The offer is not a pre determined set actual figure. So the offer price actually moves in line with the Vec price, save the arb! With vec at 159p times that by 2.79 and you have the effective offer price. (159x2.79) is 443p-so this is what the offer is worth at this time. So consequently we are now dependent on the movement on VEC with the regards our share-price movement. Vec today is up 4% , we are still nearly 18p off the true offer conversion price at the moment
stentorian: SoundBuy, It means that the market believes that 410.5p is not enough for VEC to buy SKP. As the SKP share price hit 430p plus today, the market believes that an interloper will appear and pay a price that is nearer to what SKP is actually worth. It would also suggest that it would need to be someone with some cash rather than offering all shares and appropriating SKP's cash!
cityfarmer: All water under the bridge but cant help wondering what the SKP share price would have been if we had been able to hold on to the injectables business... The SKP Daddy
qackers: Reminder from trading statement as to future developments. Skyepharma PLC - SKP Trading Update and Capital Markets Meeting Released 07:00 26-Nov-2015 RNS Number : 9953G Skyepharma PLC 26 November 2015  SKYEPHARMA PLC - TRADING UPDATE AND CAPITAL MARKETS MEETING LONDON, UK, 26 November, 2015 - Skyepharma PLC (LSE: SKP), the expert oral and inhalation drug development company, today publishes an update ahead of its Capital Markets meeting being held today. This comprises a trading update, the latest status of SKP-2075, the disclosure of SKP-2076 as a triple ICS (inhaled corticosteroid) / LABA (long-acting beta agonist) / LAMA (long-acting muscarinic antagonist) combination and further development of the oral business. Trading update Overall trading to date has continued to perform in line with the Board's expectations for the full year. In addition, the Group has benefited from higher cash receipts and as a result, year-end cash is expected to be ahead of the Board's previous expectations. flutiform® flutiform®, the combination of the fast-acting LABA formoterol, and the most widely prescribed ICS fluticasone, has now been approved in 38 countries and launched in 30. In addition, applications for marketing authorisations are currently under review in a further 15 countries. In Europe, good progress continues to be made on the development of a breath-actuated version of flutiform®. If approved and launched, Skyepharma would be eligible for revenues on this product from royalties, milestones and filled-canister supply in the same manner as for sales of flutiform®. In addition, progress is being made with the COPD (chronic obstructive pulmonary disease) clinical study, following completion in May of the recruitment of over 1,700 patients. Mundipharma has now met with the UK Medicines and Healthcare Products Regulatory Agency (MHRA) to agree on what is required for the resubmission of its application for a European paediatric indication of flutiform® for asthma and is considering the timing of this. In Asia-Pacific, including China, Mundipharma has completed recruitment for a clinical trial of flutiform® for COPD involving more than 900 patients treated over a 12-week period. Preparations are also being made for a clinical trial in China for asthma which will commence once the Chinese Food and Drug Administration (CFDA) has approved the investigational new drug application. In Japan, Kyorin reported gross sales of flutiform® of Yen 3.0 billion (£16.0 million1) in the six months ended 30 September 2015, compared with Yen 0.9 billion (£5.2 million1) in the comparable prior year period and Yen 3.6 billion (£20.3 million1) for the full year ended 31 March 2015. In Latin America, the Group's partner, Sanofi, has obtained approval in Colombia for flutiform®, which is already approved in Argentina. Further filings are in preparation. Skyepharma and Sanofi are in discussions with a third party to commercialise flutiform® in Latin America. Development pipeline The Group continues to make encouraging progress in implementing its strategy to develop inhalation products with developments for the new products, SKP-2075 and SKP-2076. These products are aimed at the global market for the treatment of asthma and/or COPD currently worth approximately U.S.$29 billion per annum2. SKP-2075 Skyepharma commenced work on the first product candidate (SKP-2075) for COPD using the novel inhaled therapy platform acquired from Pulmagen in 2014. SKP-2075 is being developed as a single capsule dry powder inhaler, comprising fluticasone propionate and a low dose of theophylline. Good progress has been made in formulating the product and with commencement of non-clinical studies for the treatment of COPD/smoking asthma. The Board believes that the treatment of COPD/smoking asthma is a clinically important medical need and SKP-2075 has the potential to be one of the first products developed for this patient group. A Phase II efficacy and safety clinical trial is planned to commence in 2016 and expected to be concluded during 2017. It is being designed to produce statistically significant results with a view to partnering SKP-2075 for further development and commercialisation. The Board has decided to extend the scope of the clinical programme by generating dose-ranging data at the same time to offer the potential for a relatively quick development for Europe which the Board believes adds considerable value to the project. The cost of the additional investment in developing SKP-2075 is expected to be circa £2 million per annum for each of 2016 and 2017 and is expected to be offset by further revenues from flutiform® supply with the additional capacity planned to come on stream during 2016. SKP-2076 Skyepharma commenced feasibility work on a new inhaled product candidate, SKP-2076, early in 2015. SKP-2076 is a triple ICS/LABA/LAMA combination product incorporating known chemical entities aimed at the potential market for asthma patients who are not adequately controlled on current combination ICS/LABA therapies. Encouraging progress is being made with the initial formulation for SKP-2076, which is expected to move into GMP pilot scale manufacturing in 2016. In light of the positive experience with flutiform®, the Board believes that SKP-2076 could add significant value to Skyepharma's respiratory franchise and has the potential for relatively quick development for Europe. Skyepharma is already engaged in partnering discussions to licence and fund the further development of this product after the initial formulation stage. Oral developments As previously announced, the Group is developing Soctec™, a concept for a novel, proprietary gastro-retentive drug delivery platform technology comprising a buoyant self-orienting capsule. It is targeted at gastro-retention and aims to retain the drug delivery device in the upper gastro-intestinal ("GI") tract for as long as possible with the active ingredient being released for delivery for local action or absorption in the stomach or the upper GI tract. After an encouraging proof of concept study, progress is being made with further development to optimise the Soctec™ technology and plan for potential scale up. This technology is being marketed to potential partners. A second technology is also under development for gastro-retention, aimed at higher payload requirements, and is currently in the final prototyping stage. Materials are being manufactured in preparation for a clinical proof of concept trial to be conducted in H1 2016. The Group's licence partner for its SKP-1041 sleep maintenance product, Somnus Therapeutics, Inc. ("Somnus"), has been unable to secure further development funding despite a successful Phase II dose-ranging study. Somnus is, therefore, in the process of transferring all rights, materials and data back to Skyepharma. The Group has no current plans to develop SKP-1041. The only impact on the Group will be the earlier release of the remaining U.S.$0.3 million (£0.2 million) of deferred income, from the U.S.$5 million milestones paid by Somnus to date, as revenues in 2015. Hikma Pharmaceuticals PLC ("Hikma") and Skyepharma have established a collaboration to develop complex oral generic products and a first development project is being carried out. Peter Grant, Chief Executive Officer of Skyepharma, commented: "We remain on track to deliver substantial growth in revenues in 2015, with continued contributions from flutiform, Pacira's EXPAREL and the GSK Ellipta-range products. This strong performance underpins our ability to invest in building the pipeline for additional future growth as well as meeting anticipated future demand for flutiform. "Today we have announced our plans to build on the success of flutiform by developing SKP-2076, a new ICS/LABA/LAMA triple combination product for the treatment of asthma. We believe SKP-2076 has the potential for relatively quick progress through clinical trials in Europe, putting Skyepharma in a position to benefit from the anticipated new market for fixed-combination triple therapies for asthma. SKP-2075 also has the potential for relatively quick development in Europe with our plan to generate dose-ranging data as part of our Phase II programme. With SKP-2075 in COPD/smoking asthma and SKP-2076 in asthma, additional potential indications and markets for flutiform and novel oral delivery technologies in development, we have a promising pipeline which we believe can deliver significant additional long-term growth." Capital Markets meeting A Capital Markets meeting is being held this morning at the offices of FTI Consulting in London. Skyepharma management team members and two external speakers will make a series of presentations to provide a detailed review of Skyepharma's development pipeline as well as an update on the progress of the Group's key growth drivers and strategy. Further details of today's event are listed at the end of this press release and the Skyepharma presentations will be available on Skyepharma's website before the end of today. 1 Using exchange rates for the relevant period 2 Company analysis based on: i) Chronic obstructive pulmonary disease. Forecast. Datamonitor, DMKC0047510, Publication Date: 03/10/2014 ii) Asthma. Forecast, DMKC0082148, Publication Date: 18/06/2014 iii) Extrapolation of main market sales to global sales numbers with a factor of 25% -Ends-
diesel: Despite going to the dogs, Exparel and Pacira seem to be improving, is the 8mill milestone still out of the question this year? Think the pullback in SKP share price is overdone....
polaris: Hi All, Seem to have a little more time on my hands after a busy few months to try and catch up with goings-on in the world of pharma and, particularly, SKP. SKP seems to be well insulated for now from the growing disaster that is PCRX. I will be very interested to see what they report for Q3 earnings from Exparel. That nailed-on 2015 milestone a few months back is looking increasingly at risk. The war of words between the FDA and PCRX has now escalated into PCRX lawsuit against FDA. share price has been whacked in the last couple of trading sessions, hitting new low after new low. Dangerous to go to war against the FDA... FLUTIFORM on the other hand seems to be making great strides but it is hard to keep track of growth as most of the sales come via Mundipharma, which is not listed. Japanese sales growths are one such way, via Kyorin, but their aggressive 2015-16 FY sales targets looks like they will not be met after Q1 (April-June). However, all the noises coming from SKP are positive on this front and this is the real revenue driver going forward. GSK links to ELLIPTA series are growing strongly - i always thought the huge price fall on the lack of sales growth in this line of products in Q1 was BS and this is now clearly shown to be the case. Royalties are going to top out quite quickly, just a shame that SKP could not get a slightly higher % royalty for use of the tech or a no-upper-limit clause at current rate. SKP need something to come from the pipeline to out-license. They have a couple of candidates but all far from market. Growth all down to FLUTIFORM, but we already knew that. Chart-wise the share price bounced back off the resistance around 370 and seems to be consolidating around the 20DMA. Downside risks to recent low at 260 but several support levels between here and there plus likely support from rising 50 and 100DMAs. If 370 broken to upside then i have no upper price targets - it would be pretty much new territory as anything pre-debt restructuring can be ignored. RSI still high and so recent rise still need to be worked through, but 320-330 looks to be lowest it is likely to go during any consolidation period, unless there is new news released to the public arena. regards all, Paul
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