Bondholder Agreement

23 August, 2012

SKYEPHARMA PLC

SkyePharma (LSE: SKP): As announced in the Company's interim results' statement today, an agreement has been reached with a significant majority of bondholders to support a consent solicitation process, to approve restructuring proposals ("Bond Proposals") to better align repayment obligations with the Group's cash generative potential. Full details of the Bond Proposals are included in an announcement issued by SkyePharma (Jersey) Limited, the bond issuer and a wholly-owned direct subsidiary of SkyePharma PLC. The SkyePharma (Jersey) Limited announcement may be viewed in the investor relations section of SkyePharma's website on the following link:

http://www.skyepharma.com/Investors/SkyePharma_(Jersey)_Ltd/Default.aspx?id=146

A summary of the Bond Proposals is included in the interim results' announcement, also in the investor relations section of SkyePharma's website:

http://www.skyepharma.com/Investors/Press_Releases/Default.aspx?id=22

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About SkyePharma PLC

Using its multiple drug delivery technologies and expertise, SkyePharma creates enhanced versions of pharmaceutical products. The Group receives revenues from thirteen approved products in the areas of inhalation, oral, topical and injectable delivery as well as generating income from the development of further products and technology licenses. The Group's products are marketed throughout the world by leading pharmaceutical companies. For more information, visit www.skyepharma.com.

About SkyePharma (Jersey) Limited

The Company was incorporated in Jersey (registered number 87564) as a public company with limited liability under the Companies (Jersey) Law 1991 on 27 April 2004. The Company is and its sole activity is to hold bonds raised to finance the SkyePharma Group. The bonds issued, thus far, are convertible into ordinary shares of SkyePharma PLC and are unconditionally guaranteed by SkyePharma PLC.