Stringer, reed smith in Skyepharma sale

Stringer Saul and Reed Smith have taken the lead roles on the proposed sale of SkyePharma's legal injectables business in a deal expected to be worth in excess of £41.8m. The firms advised longstanding client SkyePharma on the disposal of DepoBupivacaine to Blue Acquisition Corporation. Stringer Saul, led by partner June Paddock, acted on the UK aspects, while Reed Smith dealt with the US issues. An initial payment of £10.2m for the business has been put into escrow, with the sale price expected to exceed £41.8m on completion of the development work and in the event of substantial future sales. WilmerHale, led by corporate partner Ron Howard, advised Blue Acquisition.