TR-1:NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer
of existing shares to which voting rights are
attached: 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 the
notification obligation: iii

Fore Research & Management, LP

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

Credit Suisse Securities

Deutsche Bank Securities

5. Date of the transaction and date on
which the threshold is crossed or
reached: v

July 22, 2009

6. Date on which issuer notified:

July 24, 2009

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

11%

8. Notified details:

A: Voting rights attached to shares viii, ix

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 x

Direct

Direct xi

Indirect xii

Direct

Indirect

GB00B3BFNB64

273,106

1.14

0

0

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial
instrument

Expiration
date xiii

Exercise/ 
Conversion Period xiv

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

% of voting
rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financial
instrument

Exercise price

Expiration date xvii

Exercise/
Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Convertible Bond converting into ISIN: GB00B3BFNB64

May 4, 2024

2,594,340

Nominal

Delta

10.84

Total (A+B+C)

Number of voting rights

Percentage of voting rights

2,594,340

10.84%

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

Fore Research & Management, LP is notifying solely in its capacity as a discretionary investment advisor to the private investment funds that it manages. As the general partner of Fore Research & Management, LP, Matthew Li, LLC is a parent undertaking of it. By virtue of Matthew Li's position as managing member and majority shareholder of Matthew Li, LLC, Matthew Li is a parent undertaking of it.

Proxy Voting:

10. Name of the proxy holder:

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:

14. Contact name:

Ari Burstein,

General Counsel/Chief Compliance Officer

15. Contact telephone number:

+1 212-984-3870

Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in share

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

Full name 

(including legal form of legal entities)

Fore Research & Management, LP

Contact address 

(registered office for legal entities)

280 Park Avenue, 43rd Floor

New York, NY  10017

United States

Phone number & email

212-984-3870

ari.burstein@foreresearch.com

Other useful information 

(at least legal representative for legal persons)

Ari Burstein

General Counsel/Chief Compliance Officer

B: Identity of the notifier, if applicable

Full name

Contact address

Phone number & email

Other useful information

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

C: Additional information

For notes on how to complete form TR-1 please see the FSA website.