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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Skyepharma | SKP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 443.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 443.00 | 443.00 |
| Top Posts |
|---|
Posted at 05/6/2016 19:37 by cityfarmer Like so many here really have been on a roller coaster with SKP and hard to imagine life without them. I have been in for almost 20 years and was very over exposed believing the initial (IGS) hype with Paxil and then Fluti just to find a few years later I was holding a loss making, indebted basket case. That said if we had signed up a big pharma for Fluti early days to cover development, Fluti had managed to get US approval thus we hadn’t needed to sell the injectable who knows we may have all been millionaires by now….. Either way although SKP very nearly put me in a nut house I did eventually cut my massive losses @ £1.60p before buying back in heavily @ 40-90p so all ended up ok and slightly up over all and really never ever thought I would make back my earlier losses. Regarding looking ahead VEC (another big holding of mine..) is a pretty good outfit in my view and the merger makes sense to me so I will remain a holder and suspect in a few years the combined VEC/SKP will also get taken out.All the very best to you all and thanks for all the posts over the years. The SKP Daddy over and out… |
Posted at 05/6/2016 09:43 by 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. |
Posted at 05/5/2016 08:58 by 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! |
Posted at 05/4/2016 11:56 by 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. |
Posted at 24/3/2016 12:09 by soundbuy H/T FT AVNumis 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-commercialisati 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. |
Posted at 17/3/2016 11:34 by 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! |
Posted at 16/3/2016 11:16 by debbie_does_dallas_twice alexchry/ Well to be honest i think SKP products are already proved up and generating huge relatively safe incomes.i believe (until today)that skp was one of the safest bets on the market with its predictable growth story income, now at least short term our share price will depend on the movement of VEC, which i must admit i dont particularity care for! I think we will see action in the next month or so. Not being blunt, i think we are far too attractive for Vec to walk away with us on the cheap. Save the token 70 mill , they are basically using paper to get our cash pile (41 mil) and our revenue to fund their products development.If you take our cash pile out of the deal that they are using almost all paper. I as a skp holder don't feel overjoyed moving from low risk to higher risk at zero premium! |
Posted at 28/1/2016 14:07 by market sniper3 N+1 Singer Reiterates “CorporateRJanuary 28th, 2016 • 0 comments • Filed Under • by ABMN Staff SkyePharma PLC logoSkyePharma PLC (LON:SKP)‘s stock had its “corporateR Shares of SkyePharma PLC (LON:SKP) opened at 393.2500 on Thursday. The firm’s market cap is GBX 412.13 million. SkyePharma PLC has a 52 week low of GBX 247.00 and a 52 week high of GBX 414.45. The firm’s 50-day moving average price is GBX 373.99 and its 200-day moving average price is GBX 328.49. Other research analysts also recently issued research reports about the company. Stifel Nicolaus reiterated a “buy” rating and set a GBX 460 ($6.55) price target on shares of SkyePharma PLC in a report on Thursday. FinnCap reiterated a “buy” rating on shares of SkyePharma PLC in a report on Friday, January 22nd. Finally, RX Securities reiterated a “buy” rating on shares of SkyePharma PLC in a report on Wednesday, December 23rd. Skyepharma PLC (LON:SKP) is a specialty pharmaceutical company. The Company is engaged in the development and delivery of oral and inhalation pharmaceutical products. The Company’s products pipeline includes four inhalation products, 10 oral products, one topical product and one injectable product. The Company’s products include flutiform, Exparel, Paxil CR, Sular, Diclofenacratiopharm |
Posted at 28/1/2016 12:43 by market sniper3 SkyePharma PLC’s (SKP) “Buy” Rating Reiterated at Stifel NicolausJanuary 28th, 2016 • 0 comments • Filed Under • by ABMN Staff SkyePharma PLC logoSkyePharma PLC (LON:SKP)‘s stock had its “buy” rating reaffirmed by investment analysts at Stifel Nicolaus in a note issued to investors on Thursday, MarketBeat reports. They presently have a GBX 460 ($6.55) price objective on the stock. Stifel Nicolaus’ price target would suggest a potential upside of 17.50% from the stock’s current price. A number of other research firms have also recently commented on SKP. N+1 Singer restated a “corporateR Shares of SkyePharma PLC (LON:SKP) opened at 393.2500 on Thursday. The stock has a 50 day moving average of GBX 373.99 and a 200-day moving average of GBX 328.49. SkyePharma PLC has a 52 week low of GBX 247.00 and a 52 week high of GBX 414.45. The company’s market capitalization is GBX 412.13 million. Skyepharma PLC (LON:SKP) is a specialty pharmaceutical company. The Company is engaged in the development and delivery of oral and inhalation pharmaceutical products. The Company’s products pipeline includes four inhalation products, 10 oral products, one topical product and one injectable product. The Company’s products include flutiform, Exparel, Paxil CR, Sular, Diclofenacratiopharm |
Posted at 27/12/2015 12:54 by 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- |
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