Moving up the value chain

DEVELOPMENT

Client funded

Client clinical program

3-8% Royalty

SKP funded

15-30% Royalty

Own

Salesforce

90% margin

Typical Terms

Client funded

SKP program

6-15% Royalty

Discovery

Marketing

Clinical

Development

Manufacturing

Regulatory

Distribution

30%

5-10%

10%

ɝ%

10-15%

30-35%

5-10%

Approximate contribution to overall margin

Value available to SkyePharma today

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