Skyepharma reported 2015 results and a proposed merger with Vectura on 16th March. The enlarged group would have significant expertise across three inhalation delivery platforms (pMDI, DPI and nebulisers). The proposed terms of the deal offers Skyepharma shareholders 2.7977 Vectura shares per Skyepharma share, currently valuing Skyepharma at c.£470.8m. Skyepharma’s shareholders will own 41.75% of the enlarged group before any of the partial cash alternative (up to £70m) is paid. Skyepharma reported a 46% increase in 2015 EBIT to £31.5m.
