For filings with the FSA include the annex

For filings with issuer exclude the annex 

TR-1: Notifications of Major Interests 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 notification (yes/no)

An acquisition or disposal of voting rights

X

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

An event changing the breakdown of voting rights

Other (please specify):______________

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

ORBIMED ADVISORS LLC

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

CADUCEUS CAPITAL MASTER FUND LIMITED

CADUCEUS CAPITAL II, L.P.

UBS EUCALYPTUS FUND L.L.C

PW EUCALYPTUS FUND, LTD.

SUMMER STREET LIFE SCIENCES HEDGE FUND INVESTORS LLC

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

SEPTEMBER 26 2008

6. Date on which issuer notified:

OCTOBER 1 2008

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

12.4%

8: Notified Details

A: Voting rights attached to shares

Class/type of shares

If possible use ISIN code

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of shares

Number of voting rights

Number of shares

Number of voting rights

Percentage of voting rights

Direct

Indirect

Direct

Indirect

GB00B3BFNB64

406,000

406,000

2,747,242

2,747,242

12.4%

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ conversion period/date 

No. of voting rights that may be acquired (if the instrument exercised/converted)

Percentage of voting rights

Total (A+B)

Number of voting rights

Percentage of voting rights

2,747,242

12.4%

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

NOT APPLICABLE

Proxy Voting:

10. Name of proxy holder:

NOT APPLICABLE

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:

NOT APPLICABLE

14 Contact name:

ERIC BITTELMAN

15. Contact telephone number:

001 212 739 6400