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Bentley to spin off drug delivery unit

Bentley Pharmaceuticals will split its drug delivery division into a separate company so it can focus on developing generic drugs in the EU

US-based Bentley Pharmaceuticals has revealed it will split its drug delivery division into a separate company so it can focus on developing generic drugs.

Bentley will spin off its delivery business into a company called CPEX Pharmaceuticals. Bentley will issue a dividend consisting of CPEX stock to Bentley shareholders, making them the owners of the new company.

Bentley's drug delivery business has developed both a gel and inhaleable spray, and then gets a licensing fee for those methods.

Bentley reported USD 109m in revenue in FY06, of which USD 8.4m was derived from CPEX. If CPEX were an independent company last year, it would have lost USD 4.2m.

After spinning off CPEX, Bentley will focus on making generic drugs in Europe. The company makes generic versions of drugs like Merck & Co's cholesterol lowering drug Zocor (simvastatin) and GlaxoSmithKline's (GSK) antidepressant, Paxil (paroxetine).

Bentley's board is in the process of approving this deal, as are US regulators. If approved, the new company's stock will trade on the NASDAQ under the ticker "CPEX."

2nd January 2008

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