Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

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):

3. Full name of person(s) subject to the notification obligation:

D E Shaw & Co., L.P.

D E Shaw & Co. (U.K.), Ltd

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

D E Shaw Laminar International, Inc

D E Shaw Valence International, Inc

5. Date of the transaction and date on which the threshold is crossed or reached:

24 September 2012

6. Date on which issuer notified:

27 September 2012

7. Threshold(s) that is/are crossed or reached:

36, 35, 34, 33, 32, 31, 30, 29, 28, 27, 26, 25, 24, 23, 22, 21, 20, 19%

8. Notified details:

A: Voting rights attached to shares

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

Direct

Direct

Indirect

Direct

Indirect

Ordinary Shares GBP1

GB00B3BFNB64

 Nil

 Nil

8,690,367

 8,690,367

 18.84%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate

Exercise/ConversionPeriod

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

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Exerciseprice

Expirationdate

Exercise/Conversionperiod

Number of votingrights instrumentrefers to

% of voting rights

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

8,690,367

18.84%

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

Each of D. E. Shaw & Co., L.P. ("DESCO LP") and D. E. Shaw & Co. (U.K.), Ltd. ("DESCO UK") is notifying solely in its capacity as a discretionary investment manager. As general partner of DESCO LP, D. E. Shaw & Co., Inc. ("DESCO Inc.") is a parent undertaking of DESCO LP and DESCO UK. By virtue of David E. Shaw's position as president and sole shareholder of DESCO, Inc., which is the general partner of DESCO LP, David E. Shaw is a parent undertaking of DESCO LP and DESCO UK.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

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

13. Additional information:

DE Shaw 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