Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

SkyePharma PLC

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

X

An event changing the breakdown of voting rights

Other (please specify):

Conversion of convertible bonds due 2024 pursuant to company's August 2012 bond proposal.

X

3. Full name of person(s) subject to thenotification obligation: iii

Fore Research & Management, LP

4. Full name of shareholder(s)  (if different from 3.):iv

Fore Multi Strategy Master Fund, Ltd.

Fairway Fund Limited

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

24 September 2012

6. Date on which issuer notified:

25 September 2012

7. Threshold(s) that is/are crossed orreached: vi, vii

5.61%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

GB00B3BFNB64

0

0

2,589,125

2,589,125

5.61%

0

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

2,589,125

5.61%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Fore Research & Management, LP is notifying solely in its capacity as a discretionary investment adviser to the private investment funds that it advises set forth in Section 4, above.

As the general partner of Fore Research & Management, LP, Matthew Li, LLC is a parent undertaking of it. By virtue of Matthew Li's position as managing member and majority shareholder of Matthew Li, LLC, Matthew Li is a parent undertaking of it.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

Fore Research & Management, LP acquired these shares following the issue of ordinary shares on 24 September 2012 on conversion of convertible bonds and the remaining 2024 bonds no longer have any rights to convert into ordinary shares

14. Contact name:

 John Murphy

15. Contact telephone number:

 020 7881 1174