SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a - 16 OR 15d - 16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of December, 2005
SkyePharma PLC
SkyePharma PLC, 105 Piccadilly, London W1J 7NJ England
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _______
FOR IMMEDIATE RELEASE 8 December, 2005
SkyePharma PLC
Strategic Review Update
LONDON, ENGLAND, 8 December, 2005 -- SkyePharma PLC (LSE: SKP; Nasdaq: SKYE) announced on 14 November, 2005 that the board of
SkyePharma PLC ("SkyePharma" or the "Company") (the "Board") had appointed Lehman Brothers to review all of the strategic options for
the Company in order to maximise value for all shareholders.
Following this announcement the Company has received a number of expressions of interest, both with respect to individual assets
owned by the Company as well as potential cash offers for the Company as a whole. In the light of such interest, the Board has
decided to allow a number of parties access to a data room to commence due diligence on the Company.
The intention of the Board is to swiftly ascertain whether these expressions of interest can be translated into firm proposals
capable of being recommended to shareholders. However, there is no certainty that this process will result in a change to the present
ownership structure of the Company. A further announcement will be made when appropriate.
For further information please contact:
SkyePharma PLC +44 207 491 1777
Michael Ashton, Chief Executive Officer
Peter Laing, Director of Corporate Communications +44 207 491 5124
Sandra Haughton, US Investor Relations +1 212 753 5780
Buchanan Communications +44 207 466 5000
Tim Anderson / Mark Court/ Rebecca Skye Dietrich +44 7710 328 560
Notes to Editors
About SkyePharma
SkyePharma 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.
Certain statements in this news release are forward-looking statements and are made in reliance on the safe harbour provisions of the
U.S. Private Securities Litigation Act of 1995. Although SkyePharma believes that the expectations reflected in these forward-looking
statements are reasonable, it can give no assurance that these expectations will materialize. Because the expectations are subject to
risks and uncertainties, actual results may vary significantly from those expressed or implied by the forward-looking statements
based upon a number of factors, which are described in SkyePharma's 20-F and other documents on file with the SEC. Factors that could
cause differences between actual results and those implied by the forward-looking statements contained in this news release include,
without limitation, risks related to the development of new products, risks related to obtaining and maintaining regulatory approval
for existing, new or expanded indications of existing and new products, risks related to SkyePharma's ability to manufacture products
on a large scale or at all, risks related to SkyePharma's and its marketing partners' ability to market products on a large scale to
maintain or expand market share in the face of changes in customer requirements, competition and technological change, risks related
to regulatory compliance, the risk of product liability claims, risks related to the ownership and use of intellectual property, and
risks related to SkyePharma's ability to manage growth. SkyePharma undertakes no obligation to revise or update any such
forward-looking statement to reflect events or circumstances after the date of this release.
Lehman Brothers Europe Limited, which is regulated in the United Kingdom by the Financial Services Authority, is acting for
SkyePharma and no one else in relation to the matters described in this announcement, and will not be responsible to anyone other
than SkyePharma for providing the protections afforded to customers of Lehman Brothers Europe Limited or for providing advice on
matters described in this announcement.
END
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SkyePharma PLC
By: /s/ Douglas Parkhill
Name: Douglas Parkhill
Title:
Company Secretary
Date: December 8, 2005