SOURCE: SkyePharma PLC

January 16, 2007 02:01 ET

SkyePharma PLC announces Circular Posted Today to Shareholders

London, UK -- (MARKET WIRE) -- January 16, 2007 --

FOR IMMEDIATE RELEASE                               16  JANUARY 2007



                                 SkyePharma PLC

                     CIRCULAR POSTED TODAY TO SHAREHOLDERS

London, England, 16 January, 2007 - SkyePharma PLC (LSE: SKP; NASDAQ: SKYE) announces that, further to its announcement on 9 January 2007, a Circular, which details the proposed disposal of its Injectable Business and the proposed placing with certain institutional investors, will today be posted to shareholders of the Company.

The Circular includes a notice convening an Extraordinary General Meeting to be held on 8 February 2007 at 10am at Stringer Saul LLP, First Floor, 17 Hanover Square, London W1S 1HU at which resolutions will be proposed, inter alia, to approve the disposal and the issue of shares under the placing.

The Circular will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility at the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.

EXPECTED TIMETABLE OF KEY EVENTS

Posting of Circular to Shareholders       16 January 2007

Latest time and date for receipt of       10am on
Forms of Proxy                            6 February 2007
                                                    

Extraordinary General Meeting             10 am on 
                                          8 February 2007

Expected date of completion               9 February 2007
of the Disposal             

Expected date of Placing                  12 February 2007
Shares being admitted          


For further information please contact:

SkyePharma PLC                            +44 207 491 1777
Frank Condella, Chief Executive Officer
Ken Cunningham, Chief Operating Officer
Peter Grant, Finance Director

Buchanan Communications                   +44 207 466 5000
Tim Anderson / Mark Court / Rebecca Skye Dietrich

Trout Group (US)
Seth Lewis                                +(1) 617-583-1308

Notes for editors

About SkyePharma

SkyePharma PLC develops pharmaceutical products benefiting from world-leading drug delivery technologies that provide easier-to-use and more effective drug formulations. There are now eleven approved products incorporating SkyePharma's technologies in the areas of oral, injectable, inhaled and topical delivery, supported by advanced solubilisation capabilities. For more information, visit www.skyepharma.com.

These materials are not an offer for sale of securities in the United States. The securities in the placing have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act") and the securities may not be sold in the United States absent registration or an exemption from registration under the Securities Act. The Company does not intend to register any portion of such offering in the United States or to conduct a public offering of the ordinary shares in the United States.

The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction.


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