SkyePharma shareholders call for replacement of director

By Angela McDaniels

Seattle, Jan. 20 - SkyePharma plc said that North Atlantic Value LLP and two other institutional investors want to replace director Ian Gowrie-Smith with a candidate of their own.

The North Atlantic Value syndicate, which represents a little over 13% of the company's issued share capital, plans to call for an extraordinary general meeting in order to discuss the proposed replacement, according to a company news release.

SkyePharma's board described the syndicate's call for a meeting as premature and said that damaging media speculation is likely to be exacerbated by the syndicate's actions.

The board is performing a review of its strategic options, including offers to buy the company.

London-based SkyePharma uses drug-delivery technology to facilitate drug formulation.

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