PURSUANT TO RULE 13a - 16 OR 15d - 16 OF


For the month of March, 2006


SkyePharma PLC

(Translation of registrant's name into English)


SkyePharma PLC, 105 Piccadilly, London W1J 7NJ England

(Address of principal executive office)


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                                                       2 March 2006

                                              Initial SkyePharma Response to Allegations
                                                  Made by North Atlantic Value Group

LONDON, UK, 2 March 2006 -SkyePharma PLC (LSE: SKP; Nasdaq: SKYE) notes the announcement made today by North Atlantic Value LLP.

The allegations made in this statement are without substance. Once again the NAV group offers shareholders no strategy for taking
SkyePharma forward. Instead the statement contains unsubstantiated claims linked tenuously to Corporate Governance. SkyePharma abides
by the highest Corporate Governance standards and strongly resents any claims to the contrary.
SkyePharma will release a detailed response to all the allegations in its statement later today.

Shareholders are urged to take no action until they have seen the facts.

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

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

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.



     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:   March 02, 2006