Two hurdles to jump for SkyePharma, as it changes CEO

On the same day that UK-based SkyePharma (LSE: SKP) announced that Axel Mueller has resigned as chief executive and as a director of the company, with immediate effect to pursue other interests, analysts at Edison Investment Research issued a report on SkyePharma noting hurdles ahead for the company.

Peter Grant, chief financial officer since November 2006, has been appointed chief executive. Mr Grant will retain responsibility for the group’s financial matters and will oversee the continuing activities to achieve Flutiform, a fixed-dose combination (FDC) of formoterol, a long-acting bronchodilator, regulatory approval.

Edison analysts said SkyePharma’s newly-appointed CEO, the former finance chief Peter Grant, should be well placed to negotiate the refinancing of the group’s £83 million ($130.1 million) of convertible bonds.