Barclays supports Skyepharma with a £25 million credit facility to support operational growth

The FINANCIAL — Barclays has supported Skyepharma, the expert oral and inhalation drug development company, with a £25 million revolving credit facility to support the growth plans of the business.

Established in 1996, Skyepharma has a proven range of oral and inhalation product development capabilities and technologies. Its experienced teams of scientists formulate and develop innovative inhalation and oral modified release pharmaceutical products. The Group’s ideas, expertise and technologies are used by patients in more than eighty countries with its products marketed throughout the world in partnership with both large pharmaceutical companies and specialty pharmaceutical businesses.

The funding from Barclays is a bilateral 5-year £25m unsecured Revolving Credit Facility (RCF) for general corporate purposes including acquisitions. It provides flexibility for management to act on opportunities to accelerate growth if and when they arise. The deal also includes a £10m RCF accordion option in recognition of the fast pace at which the company continues to successfully grow, according to Barclays.

Andrew Derodra, Chief Financial Officer of Skyepharma, commented: “Skyepharma’s balance sheet has been transformed over the last year and revenues are benefiting from the growing momentum of its rejuvenated product portfolio. Complementing our net cash position and strong cash flow, the new RCF provides additional flexibility on competitive terms which will allow us to capitalise on opportunities to accelerate growth as and when they arise. I am delighted to establish a long-term partnership with Barclays.”

Ian Murchie, Relationship Director, Barclays Healthcare team, said: “This is an exciting time for Skyepharma which continues to demonstrate substantial growth in revenues from their portfolio of products. At Barclays, we’re committed to this key sector and providing a business like Skyepharma with such funding gives them the flexibility to consider further opportunities to boost growth as they occur.”