British drug delivery firm SykePharma Plc, which opened its books last month to potential acquirers, is seeking a new chief executive and may consider breaking up, a spokesman said on Saturday. “They are looking for a new chief executive,” the spokesman said, adding selling parts of the business was now an option. SkyePharma launched a strategic review in November after receiving a merger proposal from smaller rival Innovata Plc (IOV.L: Quote, Profile, Research) . It then cast the net wider, inviting approaches from other companies after receiving other expressions of interest. But Innovata said on Wednesday it had pulled out of talks, and SkyePharma told the stock market it was not clear whether it would receive a takeover offer it would be prepared to recommend to shareholders. The company, which is being advised by Lehman Brothers, has declined to identify its other suitors. One industry source, confirming an earlier report in the Financial Times, said it was now most likely that one or more of the company’s three divisions would be spun off and the rump of the group would be run by a new chief executive. SkyePharma has appointed headhunters Egon Zehnder to help find a replacement for current chief executive Michael Ashton, who was due to step down later this year.