FORM 6-K

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 November, 2005

 

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   14 November 2005  

SkyePharma PLC

Strategic Review

LONDON, ENGLAND, 14 November, 2005 -- SkyePharma PLC (Nasdaq: SKYE; LSE: SKP) announces that following a recent unsolicited approach from a third party, the Board of SkyePharma has decided to review all of its strategic options, including inter alia offers for the company as a whole.

The Board has appointed Lehman Brothers as sole financial adviser to undertake this review. There is no certainty that the review will result in any 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  
Peter Laing, Director of Corporate Communications  +44 7766 906626 
Sandra Haughton, US Investor Relations  +1 212 753 5780 

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

Notes to Editors

About SkyePharma
SkyePharma PLC uses its world-leading drug delivery technology to develop easier-to-use and more effective formulations of drugs. The majority of challenges faced in the formulation and delivery of drugs can be addressed by one of the Company's proprietary technologies in the areas of oral, injectable, inhaled and topical delivery, supported by advanced solubilisation capabilities. For more information, visit http://www.skyepharma.com.

Lehman Brothers Europe Limited, which is regulated in the United Kingdom by the Financial Services Authority, is acting for SkyePharma PLC and no one else in relation to the matters described in this announcement, and will not be responsible to anyone other than SkyePharma PLC for providing the protections afforded to customers of Lehman Brothers Europe Limited or for providing advice on matters described in this announcement.

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of SkyePharma PLC, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of SkyePharma PLC, they will be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of SkyePharma PLC by SkyePharma PLC or by the potential offeror, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.

"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.

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:   November 14, 2005