SKP.L Regulatory News (SKP)

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 

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):___Increase in Shares Outstanding___________

3. Full name of person(s) subject to the 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 Sceinces Hedge Fund Investors LLC

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

June 30, 2009

6. Date on which issuer notified:

July 13, 2009

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

11.5%

8. Notified details:

A: Voting rights attached to shares

Class/type of shares 

 if possible using the 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

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

 GB00B3BFNB64

n/a

n/a

2,747,242

2,747,242

11.5%

B: Financial Instruments

Resulting situation after the triggering transaction xii

Type of financial instrument 

Expiration date

Exercise/ Conversion Period/ Date 

Number of voting rights that may be acquired if the instrument is exercised/ converted. 

% of voting rights

Total (A+B)

Number of voting rights

% of voting rights

2,747,242

11.5%

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 the 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

A: Identity of the person or legal entity subject to the notification obligation

Full name (including legal form for legal entities)

Contact address (registered office for legal entities)

Phone number 

Other useful information (at least legal representative for legal persons)

 B:  Identity of the notifier, if applicable

Full name 

Contact address 

Phone number 

Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)

 C: Additional information