SkyePharma Receives FDA Approval for Triglide

SkyePharma has received FDA approval for Triglide, the company's novel formulation of fenofibrate.

This approval will trigger a $15 million milestone payment from our partner First Horizon Pharmaceutical. In May 2004, SkyePharma announced that it had granted First Horizon exclusive U.S. marketing and distribution rights for a cardiovascular product (now identified as fenofibrate IDD-P).

Under this agreement, SkyePharma will receive up to $50 million in milestone payments, $30 million of which are sales-based milestone payments. In addition SkyePharma will receive 25 percent of First Horizon's net sales of the product. $5 million was paid to SkyePharma upon signature of the agreement. SkyePharma will manufacture and supply the product from its Lyon manufacturing facility. SkyePharma will also make a contribution of up to $5 million to First Horizon's initial marketing expenses to establish the product.