Director/PDMR Shareholding

SkyePharma PLC ("the Company")

The Company was informed on 10 January 2012 that as a result of transactions on 30 December 2011 by the SkyePharma PLC Share Purchase Plan (the "Plan") (an approved all employee share purchase plan) the Trustees of the Plan purchased an additional 1,388 Ordinary Shares of the Company at a price of £0.36 per share.

As a result of these transactions, Peter Grant, a Director of the Company, has the following additional interests as a result of his personal participation in the Plan:-

In accordance with the rules of the Plan, Mr Grant has been awarded Matching Shares on the basis of one Matching Share (Ordinary Share) for each Partnership Share (Ordinary Share).

The beneficial ownership of the Matching Shares will pass to Mr Grant in three years' time subject to continued employment and the retention of the underlying Partnership Shares.

The following shares have been released from the Plan following expiry of the third anniversary and beneficial ownership of the Matching shares has now passed to Mr Grant, who continues to hold all the shares released:

The execution of the transaction noted above did not involve any of the Company's Directors or any persons discharging managerial responsibility.

This notification relates to transactions notified in accordance with Disclosure and Transparency Rule 3.1.4R(1)(a).