Director/PDMR Shareholding

Skyepharma PLC ("the Company")

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons

The Company was informed on 5 May 2016 that, as a result of transactions on 29 April 2016 by the Skyepharma PLC Share Purchase Plan (the "Plan") (an approved all employee share purchase plan), the Trustees of the Plan purchased an additional 340 Ordinary Shares of the Company at a price of £4.7325 per share.

As a result of these transactions, Peter Grant and Andrew Derodra, Directors of the Company, have the following additional interests as a result of their personal participation in the Plan:-

In accordance with the rules of the Plan, the Directors have been awarded Matching Shares on the basis of one Matching Share (Ordinary Share) for each Partnership Share (Ordinary Share) acquired under the Plan.

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

The following shares have been released to Mr Grant 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).