SkyePharma Looks To Acquire DepoTech

SkyePharma PLC has announced its plans to acquire DepoTech Corp. under the terms of an agreement formed recently. SkyePharma will offer approximately 2.7 million of its American Depository Shares (ADS) in exchange for shares in DepoTech at the ratio of 1.86 ADS for each 10 shares of DepoTech Common Stock.

Additional contingent payments will be made by SkyePharma if certain milestones are met by DepoTech. These milestones include the launch of DepoCyt in the U.S. by March 31, 2000; the signing of a corporate partner for DepoMorphine by March 31, 2000; and/or the signing of a development agreement with a corporate partner for a macromolecule using DepoTech's DepoFoam technology by March 31, 2000.

For more information: Ian Gowrie-Smith, SkyePharma PLC - UK, telephone: 00 44 (0)171 491 1777 or Lisa Carlton-Wilson, telephone: 212-753-5780.