SKYEPHARMA. FIRST HORIZON TO COLLABORATE ON SULAR

British drugmaker SkyePharma has entered into an agreement with First Horizon Pharmaceutical to develop a controlled-release version of Sular (nisoldipine), an antihypertensive that is First Horizon's largest product. The SkyePharma version is designed to have an improved pharmacokinetic profile, noted the company.

"[Our] core competency is the development of improved formulations of existing products," said Frank Condella, CEO of SkyePharma. "This new agreement reinforces our activities in this area now that we are focusing on our core business of oral and inhalation products."

As per the agreement, SkyePharma will receive a mid-single digit royalty on net sales of Sular. SkyePharma will also receive a total of up to $5 million in milestone payments. $1 million was paid upon signing, and up to $4 million will be paid upon approval of the drug by the U.S. FDA, which is expected in 2008.