(Adds further analyst comment, sales forecast)
LONDON, June 16 Shares in GlaxoSmithKline
(GSK.L) and SkyePharma SKP.L both advanced on Monday following
news Glaxo had finally won U.S. approval for its drug Requip XL
as a treatment for Parkinson's disease.
The once-daily medicine uses SkyePharma's Geomatrix
technology to give continuous delivery of the drug over 24
Shares in SkyePharma, the smaller company, had jumped 19.8
percent to 6.59 pence by 1115 GMT, while Glaxo shares were 1
percent higher at 10.85 pounds.
"We continue to contend that SkyePharma remains a
fundamentally solid business that is now under management by a
proactive team that should ensure profitability for the company
by 2009," says Landsbanki analyst Shawn Manning in a note.
The U.S. launch of Requip XL, which is already approved in
Europe, is expected by mid-July. Its U.S. approval had been
delayed because the U.S. Food and Drug Administration had
further questions about the product.
An older version of Requip that must be taken three times a
day is already approved for Parkinson's and restless leg
syndrome. Requip had worldwide sales of 94 million pounds
($183.4 million) in the first quarter, with U.S. revenues
accounting for 60 million of the total.
Last month, U.S. regulators approved generic versions of
that original Requip medicine for the treatment of restless leg
but not Parkinson's.
Dresdner Kleinwort analysts said the U.S. green light for
Requip XL had been expected some time in the second quarter.
They forecast sales of all formulations of Requip peaking at 360
million pounds in 2010.
(Reporting by Rhys Jones and Ben Hirschler, editing by Will