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SkyePharma restructures debt as Flutiform makes progress

This article was originally published in Scrip

Executive Summary

SkyePharma's Japanese development and marketing Kyorin Pharmaceutical has submitted a new drug application (NDA) with the Japanese authorities for Flutiform (known in Japan as KRP-108) for asthma. The product announcement follows news that the UK-based firm has managed to restructure an earlier convertible bond in order to postpone demands on its cashflow. Although the move ramps up the amount it owes in the long term, the company says that the restructuring "significantly reduces liquidity demands over the next 24 months" and "better aligns repayment obligations with [SkyePharma's] cash generative potential." Flutiform was launched in Germany last week and in the UK on 25 September.

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