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 February, 2006
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 2 February 2006
SkyePharma PLC
Appointment of New Chairman and
Outcome of Strategic Review
LONDON, UK, 2 February 2006 - SkyePharma PLC (LSE: SKP; Nasdaq: SKYE) announces that following a review of internal and external
candidates, it has appointed Dr Argeris ("Jerry") Karabelas as Non-executive Chairman. The Company also announces that its Strategic
Review has been concluded.
Dr Karabelas, aged 53, has had a distinguished career at senior levels in the global pharmaceuticals industry, including Chief
Executive of Novartis Pharma and prior to that President of the North American operations of SmithKline Beecham. He is currently an
executive director of Care Capital, a specialist US healthcare investment fund, and is non-executive chairman of several
pharmaceutical and healthcare companies including Human Genome Sciences. Dr Karabelas has been a non-executive director of SkyePharma
since 2000 and his familiarity with the Company's business will enable him to make an immediate contribution as Chairman.
The Strategic Review was initiated in November 2005. As part of this process, Lehman Brothers was retained by the Board to solicit
potential expressions of interest for the Company. As foreshadowed in the announcement of 11 January 2006, there has not been an
offer for the Company as a whole that the Board feels able to recommend to shareholders. However the Board has concluded that in the
interests of returning the Company to sustainable profitability in the shortest possible time, SkyePharma should concentrate on oral
and pulmonary products and divest the injectable business interests, for which a number of potential purchasers were identified
during the Strategic Review. Any such divestment will be subject to approval by shareholders.
The injectables business, primarily located in San Diego, consists of two marketed products, DepoCyt® for a complication of cancer
and Depodur® for the treatment of post-surgical pain, and a pipeline of projects in various stages of development. These include
controlled-release injectable formulations of a number of biological products and DepoBupivacaine™, a long-acting injectable
formulation of the local anaesthetic bupivacaine for the control of post-operative pain. DepoBupivacaine™ has completed Phase II
development and will commence Phase III trials shortly. It has been licenced to Mundipharma for all territories outside North
American and Japan and to Maruho for Japan. The Board remains convinced that DepoBupivacaine™ addresses an important area of unmet
medical need and has major commercial potential. However the Board is conscious of the fact that a substantial investment in clinical
development would be required to maximise the potential of DepoBupivacaine™ and of the biologicals pipeline. This development
investment, together with the associated investment in manufacturing capacity, would not only place a significant burden on the
Company's current resources but also impact the Company's profitability for several years.
The Company believes that the injectables business is a valuable asset and the funds raised by its divestment will be available to
enhance the core oral and pulmonary business, including accelerating the development of certain pipeline products. The residual core
business will consist of the oral and pulmonary products business, with development based in Muttenz, Switzerland and manufacture in
Muttenz and in Lyon, France. There are seven marketed oral and pulmonary products, including Paxil CR™, Xatral® OD and Triglide™, and
a number of late-stage products that are close to the market. The pipeline includes SkyePharma's most important pipeline project
Flutiform™, a combination asthma product that will enter Phase III development in the next few days. More details of the product
portfolio and pipeline will be disclosed at the Company's R&D Days. These had to be postponed during the Strategic Review and revised
dates will be announced shortly.
Dr Karabelas said: "I am honoured to take on the role of Chairman and look forward implementing our new strategic initiatives
particularly given my background in the development of oral and respiratory products. I am very enthusiastic about Flutiform™ and
confident I can make an important contribution to its future success. I also relish the opportunity to help rebuild shareholder
confidence."
The conclusion of the Strategic Review and the fact that the Company is no longer in discussions nor seeking to pursue discussions
with any party concerning an offer for the Company as a whole means that the Company is no longer in an "Offer Period" as defined by
the UK Takeover Panel. Further announcements will be made in due course about the ongoing initiatives to reinforce the Company's
executive management team.
For further information please contact:
SkyePharma PLC
Michael Ashton, Chief Executive +44 207 491 1777
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
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.
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.
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: February 02, 2006