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New Formulation of Fenofibrate Cleared by FDA

ALPHARETTA, Ga.--(BUSINESS WIRE)--May 9, 2005--First Horizon Pharmaceutical(R) Corporation (Nasdaq:FHRX) today announces that the US Food and Drug Administration ("FDA") has approved Triglide, its new fenofibrate formulation. Triglide will be administered in two strengths - 160 mg and 50 mg. Triglide will be manufactured and supplied by SkyePharma PLC (Nasdaq: SKYE; LSE: SK) in accordance with the existing Agreement.

First Horizon retained exclusive US marketing rights in May 2004 to fenofibrate IDD-P, a novel fenofibrate formulation that employs one of SkyePharma's proprietary solubilization technologies. Under its Agreement with SkyePharma, First Horizon will make a payment of $15 million to Skye as a result of the approval. First Horizon will also pay royalties and sales-based milestone payments to SkyePharma and SkyePharma will make a contribution of up to $5 million to First Horizon's initial marketing expenses to establish Triglide.

Triglide is an oral treatment for lipid disorders such as elevated cholesterol (hypercholesterolemia) and triglycerides (hypertriclyceridemia). Triglide can be administered under fed and fasting conditions yielding a comparable extent of absorption and therefore allows patients to take the drug at any time, contributing to improved compliance.

Source: First Horizon Pharmaceutical Corporation

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