TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

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

ALLIANCE PHARMA 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

X

Other (please specify):

Placing shares and exercise of broker's option

X

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

MVM LIFE SCIENCE PARTNERS LLP

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

PERSHING NOMINEES LIMITED

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

17 December 2015

6. Date on which issuer notified:

17 December 2015

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

11%

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 GB0031030819

24,061,900

24,061,900

55,561,900

55,561,900

11.86%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate

Exercise/Conversion Period

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

Exercise price

Expiration date

Exercise/Conversion period

Number of voting rights instrument refers to

% of voting rights

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

55,561,900

11.86%

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

MVM Life Science Partners LLP is the fund manager for MVM Fund III LP (52,948,446 shares) and MVM Fund III (no2) LP (2,613,454 shares) held by the following nomineee:

Pershing Nominees Limited 55,561,900 shares

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:

Figures are based on a total number of voting

rights of 468,179,146

14. Contact name:

Thomas Casdagli

15. Contact telephone number:

020 7557 7517