Holding(s) in Company

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

An event changing the breakdown of voting rights

Other (please specify):

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

D. E. Shaw & Co., L.P.

D. E. Shaw & Co. (London), LLP

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

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

27 February 2014

6. Date on which issuer notified:

3 March 2014

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

18%

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

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

Contract for Differences

N/A

1 October 2014

N/A

3,589,644

Nominal

Delta

7.78%

Contract for Differences

N/A

15 March 2014

N/A

2,155,200

4.67%

Contract for Differences

N/A

31 December 2014

N/A

321,323

0.7%

Contract for Differences

N/A

31 October 2014

N/A

2,155,200

4.67%

Total (A+B+C)

Number of voting rights

Percentage of voting rights

8,221,367

17.82%

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

Each of D. E. Shaw & Co., L.P. ("DESCO LP") and D. E. Shaw & Co. (London), LLP. ("DESCO London") 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, indirectly, of DESCO London. 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, indirectly, of DESCO London.

Proxy Voting:

10. Name of the proxy holder:

N/A

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

N/A

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

N/A

13. Additional information:

14. Contact name:

 J Murphy

15. Contact telephone number:

 020 7881 1172